Commerce and industry minister Piyush Goyal on Monday suggested exporters to make temporary adjustments in prices to meet short-term challenges and retain market share.
He also called for exploring export potential of unique products such as castor and instructed officials of the ministry to help promote those items.
The minister “told industry to strive to retain export markets even if they are to make temporary changes in their pricing structure to accommodate short-term challenges”, an official statement said.
Goyal said this while chairing a meeting of representatives of export promotion councils.
The meeting came amid the moderating export growth in the last few months.
The country’s exports rose by 4.82 per cent to USD 35.45 billion in September, even as the trade deficit widened to USD 25.71 billion.
The minister also asked them to utilise the disruptions in the global trade in their favour by occupying the space yielded by some countries.
Goyal asked officials to analyse export data on the basis of sectors, commodities and markets to find out areas of opportunity for Indian exports.
“The minister called for open channels of communication between export promotion bodies and industry bodies with the government so that issues being faced may be flagged and resolved at the earliest,” it added.