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Commerce Minister Sharma announces seven-point strategy to boost exports | Union Commerce and Industry
Minister Anand Sharma on Tuesday announced a seven-point strategy to boost exports. In an attempt to provide some relief to exporters, Sharma extended the interest subsidy scheme by one year. "We have now decided to extend the scheme for another
year till March 31, 2013, and expand the coverage to include the following labour-intensive
sectors: toys, sports goods, processed agricultural products and ready made garments,"
he said. "The underline philosophy of this year's supplement is based on seven
broad principles," he added, while addressing a gathering during the 'Announcement
of Annual Supplement of Foreign Trade Policy (2009-2014)' in New Delhi . Sharma
further said he was optimistic that the policies that have been announced would
provide impetus to trade. "We have announced in the continuity of our policy,
a stable policy over the last three years and continued now into the fourth year,
will help us to inject dynamism in the gloomy times. It is our expectation that
with these measures, and also given the tenacity of our industry and exporting
community, we shall be able to sustain an annual export growth of 20 percent in
this fiscal year as well," he said. A sharp slowdown in India 's foreign trade
has added to the woes of Asia 's third-largest economy and piled more pressure
on the coalition government to take steps to boost economic growth. India has
been hit by falling demand from its traditional export markets such as the United
States , which is struggling to bring down unemployment and Europe , where a sovereign
debt crisis tipped many economies back into recession. The export figures compounded
an already gloomy economic picture -GDP data showed the economy grew at its slowest
pace in nine years in the first three months of 2012. The rupee has also tumbled
to record low last week.
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