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Package Mulled For Exports to Countries Having High Trade Deficit with India 13 Jul 2012  
Package Mulled For Exports to Countries Having High Trade Deficit with India

Package Mulled For Exports to Countries Having High Trade Deficit with India

 

NEW DELHI, July 12 Growing concerns over India’s freefalling export growth in recent months has pushed the Commerce Ministry into exploring the option of a special incentive package for exports to countries with which India has a high trade deficit.

Official sources informed that the Ministry has identified two sets of countries for this purpose-those with which India’s trade deficit is over $ 5 billion and those where the deficit is greater than $ 10 billion. Separate sets of export incentives would be formulated for the two categories of countries. This would help India achieve its 20 per cent export growth target for the year, despite the slumping world trade, the sources said. The country’s exports grew 21 per cent in 2011-12, despite a drop in demand from traditional markets like the US and the EU, thanks to the increased demand witnessed in other markets (Asia, Africa and Latin America).

The recent scrapping of the $ 700 per tonne minimum export price (MEP) or floor price on Basmati shipments and onions were among the attempts to boost exports to such countries. The Commerce Minister, Mr. Anand Sharma, as part of the annual Foreign Trade Policy review, had earlier announced a slew of measures aimed at boosting exports, including allowing duty-free scrip’s to be used for procurement of goods from the domestic market.

“This is a continuous exercise and by looking into India’s trade performance with countries as well as with various sectors, necessary remedial steps, if any, are devised,” a Commerce Ministry official said.

The petroleum, oil and lubricants (POL) sector, along with gems and jewellery, account for a third of India’s exports, while the plastics, electronics, chemicals, and drugs and pharmaceuticals sectors account for another one-third.

The value of India’s exports declined 4.16 per cent year-on-year in May, dropping from $ 26.79 billion in the year-ago period to $ 25.68 billion.

Export shipments in April-May 2012-13 declined 0.69 per cent to $ 50.13 billion from $ 50.48 billion in the same period last year, as per Commerce Ministry estimates.

 

     

(Source: Exim India Dt. 13.07.2012)
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