The commerce ministry would prepare a detailed report based on market research to promote exports to ten geographies including East Africa and Latin America, a senior official said. The issue was discussed during a meeting between Commerce and Industry Minister Suresh Prabhu and senior Exim Bank officials. “What we are doing is prepare a complete detail market research. Exim Bank itself will not do,” the ministry official said. The Export-Import Bank of India (Exim Bank) would do the macro analysis and specifics will be done by some expert consultants. Recently, Prabhu made a case for treating support measures to promote exports as investment and not subsidies, arguing that outbound shipments contribute in a big way to boosting growth. Exports in October had entered the negative zone again, dropping 1.12 per cent. The fall in shipment has been attributed to the liquidity problem being faced by exporters following the transition to Goods and Services Tax. The US and the European Union account for about 25 per cent of the country’s total merchandise exports.
Experts said huge potential exists in regions like south east Asia, East Africa and Latin America and specific plan would help boost the shipments. “We should see the size of these markets, competitors, economic engagement with them, technical standards they follow and accordingly a strategy needs to be prepared,” Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said.