Suresh Prabhu: Government working on diversifying export basket

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New Delhi | Published: January 19, 2018 5:41:40 AM

Commerce and industry minister Suresh Prabhu on Thursday said the government was working out a strategy to diversify the country’s export basket in a bid to enhance its export presence in the top items of world trade.

Suresh Prabhu, Commerce and industry minister, GDP, india, export policy for farm products, export policy, India Expo Mart,  agri export zones,  export basketThe government is committed to increase the ease of doing business and make India a leading destination for various products and services in the world,” Prabhu said. (PTI)

Commerce and industry minister Suresh Prabhu on Thursday said the government was working out a strategy to diversify the country’s export basket in a bid to enhance its export presence in the top items of world trade. “We are working on a marketing strategy to diversify the export basket and we will offer it to industry. The government is committed to increase the ease of doing business and make India a leading destination for various products and services in the world,” Prabhu said. The share of exports (both goods and services) in the country’s GDP has been declining consistently from 25.2% in 2013-14 to an estimated 20% in 2017-18, under-performing the economic growth rate. The lacklustre performance has been attributed to various reasons, including unsteady global demand, over-valued domestic currency, high logistics costs and general uncompetitiveness in many sectors. Of late, merchandise exports have moved up, but still a long way to. Prabhu said the ministry will soon hold consultations with various stakeholders on an export policy for farm products.

“My ministry has plans to introduce measures with a view to further facilitate the trade in this sector’s products. The government has established 60 fully equipped agri-export zones (AEZs), in addition to 42 mega food parks and 128 cold chains, to boost agricultural and food processing exports,” Prabhu said. The minister was speaking after inaugurating Indus Food — a mega international food and beverage trade show at India Expo Mart In Greater Noida.

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