Indian exporters should focus on the emerging economies, especially Latin American countries, to sustain growth as demand in rich countries slackens, Minister of State for Commerce and Industry Jyotiraditya Scindia has said.
“We need to augment our exports to Latin American countries as they are vibrant economies and offer big opportunities,” Scindia said at an event organised by the Federation of Indian Export Organisations (FIEO) here Tuesday.
Scindia said his ministry would announce a report on “reduction of transaction cost” after consultation with all concerned ministries.
“Government will chalk out a strategy to facilitate exports and investment after in-depth study which will be commissioned shortly,” the minister said.
Advising Indian exporters to focus on developing countries, Scindia said advanced nations would show an import growth of 0.9 to 1 percent while developing economies would exhibit import growth between 4.5 to 5 percent.
FIEO President A. Sakthivel said new and untapped markets were helping maintain export momentum despite moderate growth in traditional markets. “The market diversification strategy has started yielding result and will help us to expand our export base.”