PANAJI: Lack of awareness, inconsistent orders and the global economic slowdown have weighed down on exports from India which currently account for just 1.7% of the world's total exports, deputy director general of foreign trade Ramesh Holeyachi said. The risk associated with exports and the rise in protectionism by foreign states have also served to stretch India's trade deficit.
For India's economy to grow, import-export numbers have to witness an uptick, said Holeyachi, while adding that exporters are required to play a greater role to help India achieve the foreign trade policy target of 3.5% exports share by 2020.
"Lack of awareness of the various schemes is one of the main reasons for low exports from the country. India's exports share currently stands at round 1.7% of the world's total exports and the central government in its Foreign Trade Policy for 2015-20 wants to increase the exports share to 3.5% corresponding to $90 billion," Holeyachi said while speaking at the Exports Facilitation Seminar organised by World Trade Centre along with Reserve Bank of India. Its objective was to highlight ministry of commerce and industry schemes to encourage exports.
"The import-export trade deficit has been widening and in January stood at $9.84 billion. This throws up huge challenges and also opportunities for exponential growth of exports from India," assistant director, World Trade Centre Goa, Cyril Desouza said.
Delivering the key note address, Holeyachi explained that facilities like merchandise export from India scheme (MIES), service export from India scheme (SIES) and the niryat bandhu scheme for mentoring new exporters remained underutilized.
"Exporters need to take advantage of these specially designed schemes and incentives offered to boost the country's exports. Export is the growth engine for the country as it increases trade and helps us earn valuable foreign exchange and also generates employment," Holeyachi added.
He went on to say that most of Goa's exports were routed through Mumbai and added that the pharmaceutical sector, handicrafts and spices were some areas where exports from Goa could thrive.
Source: The Times Of India