Adopt IT to cut costs, exporters told

Speaking at an interactive meeting with businesspersons here on Wednesday in the run-up to the August 27 unveiling of foreign trade policy, he said his ministry will adopt information technology which will help exporters not only reduce costs, but streamline the process of clearance. “The government is aware that transaction costs and hidden costs make exports less viable. Measures will be taken to address the matter in the foreign trade policy”, he pointed out. He underlined the diversification of markets while retaining the focus on current geographical destinations of the United States, European Union and Japan which together account for 70 per cent of exports from India.

“We need to focus on West Asia, South East Asia and the members of Commonwealth of Independent States (CIS) for diversification of markets. Exploration of newer markets will go a long way in reducing our dependence on the developed economies which are now struggling under recessionary trend”, he added.

Raising concern over the increasing protectionism in a number of countries which are imposing anti-dumping duties, he underlined the need to lower the barrier for exports and imports.