International BusinessIndia Eco Summit: Govt may announce more sops for exporters
The government is likely to announce more sops to exporters engaged in labour-intensive sectors like engineering, Minister of State for Commerce and Industry Jyotiraditya Scindia said today.
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Talking to reporters on the sidelines of the India Economic Summit here, Scindia said the Commerce Ministry has kept some funds aside for helping exporters in distress out of the budgetary allocations.
He said this money may be released after completion of the mid-term analysis of export performance.
The ministry is expected to complete the review this month.
Asked about Prime Minister Manmohan Singh"s statement that the government would phase the stimulus packages out next year, Scindia said: "I think the PM"s statement was on longer term outlook."
After major economies entered into hard times following the crash of the Lehman Brothers in September 2008, the government had given sops like interest subsidy to exporters.
India"s exports are on decline since October 2008. For the first half of the current fiscal, exports were down by over 28 per cent, though the damage has been contained significantly in August and September.