Commerce Ministry may provide incentives to exporters to achieve $320 bn export target

 The Commerce Ministry is looking to provide incentives to exporters so as to achieve the USD 320 billion exports target for the current financial year.

On the sidelines of a pharma event, Commerce and Industry Additional Secretary Rajeev Kher said, “Since the European Union and the US markets are in doldrums, we are making our best efforts to achieve as much as we can. We need special efforts that could be in nature of incentives, additional markets and making more efforts on market promotions.”

The government could provide the tax incentive or market promotion scheme.

According to a recent FICCI survey, the export target of USD 320 billion for FY13 is unlikely to be met on the back of global demand slowdown.

The rising cost of raw materials and weak demand from overseas are primary factors that are bothering members of the export community.

“Until now Europe and the US have been the primary export markets for us. The new strategy should be targeting other countries like Africa and the Middle East to take the next leap forward,” he said.