'Service exporters should seek new pastures'

NEW DELHI, INDIA: Union Minister for Commerce and Industry Anand Sharma said that India's service exporters have to diversify their focus into new destinations in addition to the traditional ones.

“There has to be diversification in addition to the traditional destinations and we are advising the industry to explore the emerging markets and focus on Africa and Latin America in addition to looking at far East," the minister said while interacting with the media on the sidelines of a CII function here.

He also said the government is looking at a relief package to exporters of services, which contribute over 40 per cent to India's total export, in the foreign trade policy (FTP) to be unveiled in August.

“The services exports have been substantially contributing towards exports. We are in talks with the industry. We hope to come out with a relief package for the service exports industry," Sharma told reporters at the sidelines of a conference.

Addressing delegates at the conference, the minister said India had the potential to raise its share in the global service exports from the current share of about 2.7 per cent to 4-5 per cent in the next three years.

He also said the government would be discussing again with the services sector before formulating the foreign trade policy for the next five years.