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Business plan based on market research in works to promote exports: Prabhu

Proper market segmentation is the need of the hour to understand the potential of domestic goods and services, says Suresh Prabhu

Press Trust of India  |  New Delhi 

Suresh Prabhu, Commerce and Industry Minister
Suresh Prabhu, Commerce and Industry Minister

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 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 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 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 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.

First Published: Thu, November 23 2017. 14:07 IST
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