The commerce and industry ministry is chalking out a "proper" business plan based on market research in its bid to promote exports of goods and services, Union minister Suresh Prabhu said on Thursday.
The commerce and industry minister said a proper market segmentation is the need of the hour to understand the potential of domestic goods and services.
Taking note of the potential of regions such as Russia and Latin America, he said "we are working on a strategy for each of the markets. I am in the process of preparing a proper business plan based on market research".
The segmentation will shed light on the possibility of increasing penetration of products and services, he said at the India luxury summit here.
Prabhu pointed to the huge demand in luxury items in the international market.
"We are working on quite a few interesting steps. My ministry is making a new industrial policy and we are also trying to create new markets for Indian products globally," he said.
He made a case for Indian players taking a shot at the luxury goods sector to ramp up exports to different markets.
India's merchandise exports have entered the negative terrain after over an year, contracting 1.12 per cent to $23 billion in October.