DGFT asks exporters to diversify into other markets

The Directorate General of Foreign Trade (DGFT), which is under the commerce ministry, urged exporters today to diversify into other markets to minimise risks.
"We are urging exporters to look at other markets as over-dependence on few markets like the EU was becoming risky", Director General of Foreign Trade, Pravir Kumar, said at an interaction organised by CII and FIEO here.
He said currency fluctuations, particularly in the Eurozone, were badly hitting exports, and new markets of Latin America, Africa and CIS countries should be explored.
"This is the focus of the new foreign trade policy," he said.
Kumar said that the crisis in Greece could have an impact on Indian exports to that country.

"Nearly 18 per cent to 19 per cent of Indian exports were directed to the markets of the EU," he said.
The Rs 1625-crore interest subvention scheme which the government had announced in the budget would be in place in a month's time, he said.