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
"What we are doing is preparing 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.
made a case for treating support measures to promote exports
as an investment and not subsidies, arguing that outbound shipments contribute in a big way to boosting growth.
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 United States (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 a 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.