Commerce Minister Sharma announces seven-point strategy to boost exports

New Delhi, June 5 (ANI): 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. (ANI)