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Annual supplement to the foreign trade policy

New Delhi, Aug 27 (Calcutta Tube) Commerce and Industry Minister Anand Sharma announced annual supplement to the foreign trade policy amid slower growth in exports that might force the government to lower its $200 billion exports target.

India’s exports growth fell to 13.2 percent in July against 30.4 percent recorded in the previous month. This is the slowest growth in India’s exports in the last six months.

Exports growth has declined mainly because of lower demand of Indian leather, handicrafts and readymade garments in the US and European markets.

Exports bodies, especially apparel and leather exporters, are demanding financial and regulatory support from the government.

In their meeting with Textile Minister Dayanidhi Maran last week, Apparel Export Promotion Council demanded reduction in duties and faster implementation of Indo-EU free trade agreement, council spokesman told IANS Friday.

According to the Apparel Export Promotion Council estimate, Indo-EU free trade agreement might lead to additional apparel exports of $1.3 billion annually. The government has set a target of $12 billion apparel exports during current fiscal.

Total exports target for 2010-11 is set at $200 billion. Commerce Secretary Rahul Khullar said recently that $200 billion target could be achieved only if exports grow by at least 15 percent for the rest of the year.

— Indo-Asian News Service

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