Indian Commerce and Industry Minister Suresh Prabhu recently chaired a meeting of exports stakeholders and Commerce Ministry officials to discuss a strategy to double exports by 2025, which is necessary due to uncertainty in global trade, rigid approach of banks affecting availability of credit, high logistics cost and productivity standards and qualities.
Minister of State in the same Ministry CR Chaudhary will chair the mission and will review the work of different export promotion councils and divisions of the Ministry of Commerce, according to an official report. The Indian cabinet has approved the proposal of the department of commerce to pay attention to 12 identified champions of service sectors for promoting their development and realizing their potential. The agricultural export policy is in the process of being finalised after incorporating stakeholders’ comments, the Minister said.
A commodity-specific strategy is being prepared for items like gems and jewellery, leather, textile and apparel, engineering, electronics, chemicals and petrochemicals, pharmaceuticals, agriculture and allied products, and marine products. A territory-specific strategy will cover North American Free Trade Agreement (NAFTA), Europe, North East Asia, ASEAN, South Asia, Latin America, Africa and WANA, Australia, New Zealand, and CIS. India must also look at boosting trade with smaller countries and explore new territories like Africa which has 54 countries but accounts for only 8 per cent of exports from India, the Minister added.