Thaindian News

New Delhi, Oct 7 (IANS) The government is looking into the concerns of traders and would soon announce incentives to further boost exports, Commerce and Industry Minister Anand Sharma said Friday.

“On Oct 11, I am convening the meeting of the board of trade. After that, we will announce the incentives for this year,” Sharma said at a meeting of the Federation of Indian Export Organisation (FIEO) and all export promotion councils and commodity boards here.

Talking to media persons after the meeting, Sharma said the government was working on a number of measures like focus market scheme and market linked focus product scheme, market diversification and interest subvention to incentivise export.

“The cost of credit has been a matter of very serious concern to the industry. It has gone up considerably high, which is making the Indian manufacturing output much less competitive globally,” he said.

“There is also the weakening of rupee and the exporters which had booked orders are facing new challenges because there have been holding up of orders because of the global slowdown. If need be, I will talk to finance secretary and concerned officials hopefully within the next 10 days,” the minister added.

Sharma, who also holds textiles portfolio, said the demands for Indian goods were weakening in the traditional markets like the US and Europe. However, strong demand in Africa, South America and ASEAN regions helps keep the growth momentum in exports.

India’s exports have surged 54.21 percent at $134.5 billion during April-August period. Exports rose by 44.25 percent to $24.31 billion in August, according to official data released early this month.

Commerce Secretary Rahul Khullar had warned recently that exports might slow in the coming months, especially during the second half of the current fiscal, due to uncertainties in the economies of major traditional trading partners like the US and European countries.