Relief package soon for services exports industry: Minister

The government is looking at a relief package to exporters of services, who contribute over 40 per cent to India's total export basket, in the foreign trade policy to be announced in August, Commerce Minister Anand Sharma said on Friday.

The government is looking at a relief package to exporters of services, who contribute over 40 per cent to India's total export basket, in the foreign trade policy to be announced in August, Commerce Minister Anand Sharma said on Friday.

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"The services exports have been substantially contributing towards exports. We are in talks with the industry. We hope to come out with a relief package for the service exports industry," Sharma told reporters at the sidelines of a conference.

"But that will only come when we have the foreign trade policy sometime in the second half of August," the minister added after addressing the conference organised by the Confederation of Indian Industry (CII).

Currently India accounts for about 2.7 per cent of the world market in services exports compared to just over one percent share in merchandise products exports.

Addressing delegates at the conference, the minister said India had the potential to raise its share in the global service exports to 4-5 per cent in the next three years.

He also said that his ministry was looking at measures to help the export sector tide over the global economic slowdown.

"We hope we will be able to address short-term needs of the industry. We are also looking at other sectors like healthcare and tourism."