India, China should focus on strengthening trade facilitation to help reduce trade imbalances: Senior Beijing official
Exporters are seeking amendments in the Market Access Initiative (MAI) scheme with a view to promote shipments from the country, an official said.
Under the scheme, agencies such as export promotion councils, trade promotion organisations, and commodity boards get financial support from the government for undertaking various market access initiatives such as marketing, organising fairs/exhibition, opening of warehouses, capacity building, branding and statutory compliances in importing markets.
The issue was raised by many exporters in a meeting called by the commerce ministry last month.
"They mentioned about the need for amendments in MAI scheme. They want assistance to buyers from both developed and developing countries," the official said.
The scheme plays key role for promoting exports and addressing interventions required by India for exploring new markets and promoting export-oriented activities for commodities and services.
The scheme is valid up to March 31 next year.
Exports during the April-October period of the current financial year dipped 2.21 per cent to USD 185.95 billion.
Since 2011-12, India's exports have been hovering at around USD 300 billion. During 2018-19, foreign shipments grew 9 per cent to USD 331 billion.
The government is targeting to increase the exports to USD 1 trillion in coming years.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)