Govt. may announce sops for laggard export sections on August 23.

Apprehending slowdown in exports in the coming months, the government is likely to announce additional sops for laggard sectors like textiles and handicrafts, in its Foreign Trade Policy review on August 23.

Sources in the Commerce Ministry said that a fiscal incentive package to help laggard export sectors like textiles and handicrafts was being worked out.

Commerce and Industry Minister Anand Sharma will announce the supplement to the export import (Exim) policy here, an official statement said.

The policy review will be part of the Foreign Trade Policy (FTP) for 2009-14, which was announced in August 2009.

India’s export growth moderated in July to 13.1 per cent due to weak consumer demand in its key markets such as the U.S. and Europe as well as fading base effect, or relatively high comparable figures of the same month last year.

In July, handicrafts exports contracted by 60 per cent, rice by 45 per cent, Tea by 25 per cent, ready made garments by 23 per cent and electronics products by 20.8 per cent.

Source : thehindu.com