New Commerce Minister Suresh Prabhu says will focus on pushing exports

Posted by Daily Shipping Times on 06-09-2017        Tweet

NEW DELHI: Suresh Prabhu, the new Commerce and Industry Minister, has identified job creation through industrial policy, export facilitation and boost to foreign direct investment (FDI) as his thrust areas, while promising to build on reforms undertaken by the Government during the first three years of the Narendra Modi Government.

But before that, he will have to carry forward the work of introducing a new set of measures to boost exports, which have seen a mild recovery in the wake of adverse global headwinds, and the erosion of competitiveness due to an appreciating rupee — which has gained nearly 6% in 2017. Exporters are complaining of further erosion in their competitiveness due to the introduction of goods and services tax (GST) as their need for working capital from banks has increased, pushing up costs.

Prabhu's experience in railways is, however, going to come handy in improving logistics, a job recently assigned to the Commerce Department.