New Delhi: Maintaining that India will be able to achieve exports worth $150 billion despite the US slowdown and rupee impact, the government Wednesday indicated that it will scrap many promotional schemes which have outlived their utility.
“Exports of $150 billion are certain this year. If there is a surge, they could even go up to $155 billion,” Commerce Secretary G.K. Pillai told reporters on the sidelines of a Confederation of Indian Industry meeting on Foreign Trade Policy.
The government had set an export target of $160 billion for fiscal 2007-08. Pillai further said for the financial year 2008-09, an export target of $200 billion seems “feasible”.
Seeking suggestions for streamlining the policy, Pillai said several promotional schemes, which are of not much use to exporters, would be done away with in the next review of the policy in April. “Schemes of marginal use and no utility at all are not needed,” he said.
Pillai sought urgent inputs from industry for the Krishnamurty Committee, which is likely to submit its report with Prime Minister Manmohan Singh by end of this month.
The committee, set up by the prime minister, is examining ways of helping the export-oriented manufacturing sectors like textiles, leather and handicraft, which are witnessing a slowdown in growth.
Within the next 10 days, the Commerce Ministry would submit its first draft of the trade policy with the Department of Revenue, he said.
India’s exports for the April-November period of the current fiscal stood at $98.38 billion registering a growth of 22.08% over the previous year.