Exporters need to diversify export basket: Prabhu
Commerce and Industry Minister Suresh Prabhu on Wednesday asked exporters to diversify trade basket and explore markets such as Africa and Latin America to expand overseas shipments.
He said that a comprehensive strategy was being worked out to boost the country’s exports.
“We need to diversify our export basket and also look at ways to promote services exports,” he said here while launching a mobile app — — Niryat Mitra — for exporters.
“The ministry has also prepared a policy to promote agri exports and and it will soon seek the Cabinet’s approval on that,” he added.
India’s merchandise exports increased to USD 303.38 billion in 2017-18 from USD 275.85 billion in the previous fiscal. Services exports rose to USD 195 billion in the last fiscal from USD 164.2 billion in 2016-17.
Niryat Mitra, developed by the Federation of Indian Export Organisations, provides a wide range of information required to undertake international trade right from the policy provisions for export and import, applicable GST rate, export incentives, preferential tariff, and market access requirements.
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