New Delhi: The government is taking steps to arrest the downslide in exports, minister of state for Commerce and Industry Jyotiraditya Scindia said today after taking charge.
“Our target is to make sure that at least we have flat growth in exports,” Scindia said.
There are a number of key issues such as revival of the manufacturing and exports sectors that need to be focused upon, he said.
Hit by demand slowdown in the major markets of the US and Europe, India’s exports grew by a meager 3.4% to $168.7 billion in 2008-09 over $163 billion in a year ago period.
Scindia said there are a number of ideas that would be implemented through the new foreign trade policy, to be unveiled in August.
He further said drafts of several free trade agreements, including with ASEAN and South Korea, would be taken up to the Cabinet for approval. However, Scindia said, the FTA with the European Union may take more time.
India’s economy is growing at a much slower pace. In 2008-09, the GDP growth dropped to 6.7% against 9% in the previous fiscal.