Government may announce more sops for exporters early next month for certain sectors like textile, leather and engineering. The new trade policy would contain a mix of fiscal incentives as well as simplification of procedures. The government may announce some new measures as well. Exports in November 2009 saw a growth of 18 percent reaching to USD 13.2 billion after falling for 13 straight months due to slump in global demand.
Commerce and Industry Minister Mr.Anand Sharma said that this growth was satisfactory despite the slowdown in the western markets. This decision to boost exports for certain sectors which were lagging behind was taken after conducting a study on different sectors. The sops are expected to increase exports and would provide opportunity to explore new markets. India’s merchandise exports are continuing to decline since October last year – down 33.2 percent at $10.74 billion in April, and 29.2 percent lower at $11.01 billion in May.
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