Commerce ministry focusing on 9 sectors to boost exports; eyes 16% growth this fiscal

New Delhi: The Commerce ministry is focusing on nine sectors, including pharma, food processing and textiles, to boost exports in the current fiscal, an official said. The ministry is targeting a minimum growth rate of 16 percent in exports this fiscal. Commerce and Industry Minister Suresh Prabhu Monday held inter-ministerial consultations with different departments to work on ways to promote the exports from these segments. “The ministry is targeting nine sectors as part of their strategy to boost exports. The minister held discussions on strategy with line ministries,” the official said. [caption id=“attachment_3930903” align=“alignleft” width=“380”] Representational image. Reuters[/caption] Gems and jewellery, textiles, leather, engineering, electronics, defence, pharma, agri and marine products are the sectors. To push exports, the ministry has suggested several steps including demanding priority sector lending to exporters. During the meeting, the Defence Ministry sought cooperation of the Commerce Ministry to boost defence exports from Rs 5,000 crore to Rs 35,000 crore in the coming years. All other departments and ministries suggested steps to boost overseas shipments. Ministry of Electronics and IT suggested formulating a strategy to attract companies that are shifting their manufacturing bases from China due to high wages. The Department of Chemicals stated that they are looking at new countries for exports and raised delay in environmental clearance for agro-chemical sector. Since 2011-12, India’s exports have been hovering at around $300 billion. During 2017-18, the shipments grew by about 10 per cent to $303 billion.