Commerce minister Anand Sharma is expected to announce a slew of measures to boost India’s export sector, hurt by plunging shipment orders from economies in Europe that have been hit by sovereign debt worries and a severe economic crisis.
“We have taken a number of measures and we are seriously looking at more measures...and a forward looking, pragmatic (annual supplement) Foreign Trade Policy will be announced on April 18,” he said while addressing the annual general meeting of the Confederation of Indian Industry (CII).
In December, the government had announced a set of measures, including extension of an existing subsidised bank loan scheme, for embattled exporters struggling to stay afloat amid shrinking world demand.
Under the subsidised interest rate scheme, specified exporters can now avail bank loans at a cheaper rate. This scheme, which was to end on March 2013 has been extended for one more year.
“I have had very detailed discussions with the finance minister (P Chidambaram) as he had announced in the Budget speech about the Foreign Trade Policy and exports-related matters and support to the industry, and the two ministries are in talks,” said Sharma.