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India’s export growth slows down in July

India’s export growth slowed to an eight-month low of 3.94 per cent in July while trade deficit widened on account of high gold imports. Exports to GDP ratio of India has to improve substantially. Action has to be taken on several other fronts, including bringing in a new industrial policy, improving logistics for exporters, formulating an agri export policy and integrating into global supply chains.

Global supply chains are now a reality. India is part of this in auto components and generic formulations. These chains offer a great opportunity for Indian exports as well as upgrading capacities in terms of technology. Logistics are being added in the rules of business of commerce now. Logistics will be brought to the forefront and will be worked on as there is a direct link between competitiveness of exports and logistics.

To promote investments, a district-wise industrial plan will be prepared as local situations like human resource availability, law and order conditions and natural resources help attract investors more. Support measures are being devised which can facilitate a quick increase in exports both in terms of volume and value. The intention is to rev up the country’s exports in the shortest possible time.