Commerce Secretary Rita Teaotia has said that the government is working on a multi-pronged strategy to enhance exports competitiveness and address infrastructural bottleneck. Talking to a news agency in New Delhi, Mrs Teaotia said the ministry is focusing on exports sectors with a huge potential such as pharmaceuticals, ready-made garments, leather, gems and jewellery, chemicals and agro-chemicals. She added that the trade facilitation can play a vital role in boosting competitiveness of domestic exports. Contracting for the eighth month in a row, India's exports slipped 10.3 per cent in July to USD 23.13 billion, hit by global slowdown and a dip in crude oil prices, which in turn impacted the value of petroleum products.On the continuous decline in exports, Teaotia said since petroleum is a big chunk in exports and imports basket, whatever happens in this sector, it impacts India's trade. Petroleum products make up 18 per cent of the country's total exports. The Secretary said despite global slowdown and currency depreciation, two sectors — pharmaceutical and ready-made garments (RMG) in textiles — have continued to grow, which is "good news".
News On AIR | August 20, 2015 5:55 PM
Govt working on various fronts to push up exports: Comm Secy