SME Times - Government Mulling Further Export Support Measures: Anand Sharma, DGFT is Carrying a Sectoral Review of Exporting Scenario, Directorate General of Foreign Trade

Anand Sharma addressing at the release of the Strategy Paper for the growth of Engineering Exports

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SME Times News Bureau | 28 Apr, 2010
Commerce and Industry Minister, Anand Sharma on Tuesday said that the government will take a considered view on further export support measures and that the Directorate General of Foreign Trade (DGFT) carrying out a sectoral review on exports.

"The DGFT is carrying a sectoral review of the exporting scenario, wherein all aspects of the policy related problems and major hurdles are being looked into sector by sector," said Sharma in New Delhi while releasing the 'Strategy Paper on the Growth of Engineering Exports' commissioned by Engineering Export promotion Council (EEPC) India and carried out by Ernst & Young.

"The amendments to the new Foreign Trade Policy that I announced last August will reflect the concerns of the exporting community and initiate steps within our means to help exporters reach greater heights of glory," the minister added.

He viewed that the global economic recession is likely to leave its imprint for some more time, particularly in the developed world and hence it is important that Indian exporters concentrate on two critical ingredients for future growth: to remain competitive as also maintain quality and secondly to diversify into new markets

Sharma said he expects to achieve the USD 500 billion export target by 2014.

On engineering exports, the minister said that exports have grown considerably in the last few years with a growth rate that has been much higher than the world average.

Commenting on EEPC's target of USD 110 billion by 2014 for total engineering exports, he said, "This, indeed, is a robust target and if engineering is able to maintain its share of nearly 22% in total exports than by 2014, India’s total exports should be in the range of USD 500 billion".

The Commerce Minister also told reporters that there is no change in India's policy (which currently allows 51 percent FDI in single-brand retail only) on opening up retail sector to more foreign direct investment (FDI) as of now.