The union commerce ministry is working on a plan to create an integrated logistics division within the ministry to boost exports. This was stated by Commerce Secretary Ms, Rita Teaotia at the recently held EEPC India National Awards in New Delhi. According to Teaotia, the integrated division will work on modalities to bring down the total cost of movement of shipments.
Speaking on the occasion, commerce secretary also urged the engineering exporters to work on a strategic plan to completely wipe out the trade deficit of USD 16 billion of the engineering sector in the next few years, with a focus on newer markets.
Ms. Teaotia said while the engineering sector with record shipments of USD 76 billion is among the best performing in the basket of merchandise exports, accounting for one-fourth of the country’s total exports, but exporters must strive to become dominant players in 5-6 sub sectors.
The Indian engineering exports, though rising at a fairly steady rate, account for just 1.2 per cent of the total global engineering exports, against 12.3 per cent of China.