The Indian government is committed to revive exports, said the union minister of state for commerce and industry, Jyotiraditya Scindia while addressing a meeting of exporters from Federation of Indian Exporters Organization (FIEO), reports PTI.
He said that though exports dropped on percentage terms, they started raising in quantities from April this year. Data released on Wednesday show that exports fell 26% in July to $13.7 billion. He said there was no need to worry as long as there was growth in a contracting economy. He said that Germany also was optimistic on quantitative terms.
Scindia said that the Foreign Trade Policy to be unveiled on August 27 would contain many measures to revive exports. He said that efforts were begun to reduce the transaction cost of exporters, and added that the GST would be implemented from next April 1. It would help exporters through 5% of freight on board on local levies. He spoke of the need to explore new markets, adding that exporters also should move up the value chain and take advantage of the recently-signed FTA (Free Trade Agreement) with ASEAN.
Source : RTTNEWS.COM