The wake of the current turmoil in Greece, Indian exporters need to look beyond eurozone and explore opportunities in emerging markets such as Latin America, CIS nations and Africa, according to Pravir Kumar, Director General of Foreign Trade (DGFT), Union Ministry of Commerce and Industry.

the wake of the current turmoil in Greece, Indian exporters need to look beyond eurozone and explore opportunities in emerging markets such as Latin America, CIS nations and Africa, according to Pravir Kumar, Director General of Foreign Trade (DGFT), Union Ministry of Commerce and Industry.

"When there are risks, it is extremely important to distribute risks and diversify elsewhere," Kumar told an Open House Meet with more than 200 exporters organised by CII Eastern Region in association with the Federation of India Export Organaistion (FIEO).  its part, the Government will continue providing policy direction, incentivizing diversification and value-added exports," he said.

In his view, Indian exporters will also do well by focusing on the countries with which India has a free trade agreement (FTA). The volume of Indian exports in eurozone is 18-19 percent of the country's total exports, and that is enough reason why Indian exporters should go and take a good look at Latin America, CIS nations and Africa.

"In line with the Prime Minister's Digital India call, the Central Government is working overtime to devise a single window clearance to make things easier for you. This is part of the Government's resolve to facilitate trade," he said.

Kumar also informed the exporters that his department has designed an app on the android platform which will give them an easy access to relevant information and services. "We are in the process of making our work virtually paperless", he said.

Meanwhile, Sanjay Budhia, Chairman, CII National Committee on International Trade Policy and Exports, spoke of the yawning trade deficit and cited data which says the annual trade deficit in the Asia's third-largest economy reached USD 137 billion in the 2014-15 fiscal – from USD 135.8 billion in the preceding year.

"This puts tremendous pressure on the economy. The achievements in export of services, specifically IT (Information Technology) and business services and huge remittance receipts alone are not capable to bridge the gap," explained Mr Budhia, who is also the Managing Director of Patton International Ltd.

Source:dnaindia.com