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Identification of Export Sector

By TIOL News Service

NEW DELHI, AUG 13, 2013: THE value of imports has increased during the last three years and current year as per the details given below:

Value in USD Billion

YEAR

Import

2010-11

369.8

2011-12

489.3

2012-13

491.9

2012-13(April-June)

115.4

2013-14(April-June)

122.7@

@ : 2013-14 (April-June) are provisional Source: DGCI&S

Petroleum Products (including Crude), Gold and Electronic Goods contribute around 50 % to the total imports. The international prices of petroleum and gold have increased during the period. Their demand has also increased, which lead to a higher value of imports.

Department of Commerce has prepared a strategy paper in 2011 for doubling Merchandise Exports in three years from USD 246 billion in 2010-11 to USD 500 billion in 2013-14. Subsequently, in view the global slowdown of economy, export Target for the year 2013-14 has been revised to USD 325 billion. An aggressive product promotion strategy for high value items that have a strong manufacturing base is the main focus of the overall growth strategy. The core of the market strategy is to retain presence and increase market share in traditional markets, move up the value chain in providing export products in the developed country markets; and open up new vistas, both in terms of markets and new products in these new markets. It is a constant endeavour of the Government to enhance trade with our trade partners for mutual benefit. India has been taking various initiatives like Comprehensive Economic Cooperation Agreements (CECA), Free Trade Agreements (FTA), Preferential Trade Agreements (PTA). with different countries.

The Government has taken a number of steps to accelerate growth of the manufacturing sector. These, inter-alia, include announcement of National Manufacturing Policy (NMP), 2011, simplification and rationalization of the Foreign Direct Investment (FDI) Policy, implementation of Delhi Mumbai Industrial Corridor (DMIC) project, launching of the e-biz Mission Mode Project under the National e-Governance Plan, and creating a joint venture ‘Invest India' in association with FICCI. Besides, incentives are given for helping industries in difficult areas through Plan Schemes of Transport Subsidy, special package of incentives for Special Category States, North-East Industrial & Investment Promotion Policy, 2007 and specific programmes like Industrial Infrastructure Up gradation Scheme, Indian Leather Development Programmes etc.

The Strategy paper of 2011 had a product Strategy. It had identified certain products like, engineering goods, drugs, pharmaceuticals, chemicals, electronic, leather products and textiles etc. to boost exports. In addition several measures were taken to increase exports as part of the Annual Supplement to the Foreign Trade Policy (2009-14) on 18.4.2013. As part of product diversification and market diversification strategy, Government has added Norway to Focus Market Scheme (FMS). Venezuela has been added to Special Focus Market Scheme (Special FMS). 47 new items have been added to Market Linked Focus Product Scheme (MLFPS) and 122 new items have been added to the Focus Product Scheme (FPS). Subsequently, Government has notified 153 hi-tech products on 10.7.2013. Government has enhanced the rate of Interest Subvention from 2% to 3 % with effect from 1.8.2013.

The information was given by the Minister of State in the Ministry of Commerce and Industry Dr. D. Purandeswari in Lok Sabha today.


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