Expressing “serious concern” over the fall in export growth in July, Commerce and Industry Minister Anand Sharma said the Government was hoping for a turnaround by October.

The fall in growth in July was a ‘three-year-low’, and was the third consecutive month this fiscal experiencing a decline in growth.

Sharma’s remarks on Tuesday came after a review meeting for export promotion with industry chambers, all Export Promotion Councils (EPCs) and the Federation of Indian Export Organisations.

“Don’t expect solutions in two hours. There has been a comprehensive review. We are seriously concerned because of the slowdown. The numbers have been depressing. We were anticipating a contraction. But July numbers are a cause of concern,” he said.

He said all the EPCs had been asked to give their assessment, adding that the Commerce Secretary and the Director General of Foreign Trade would travel to major export hubs in the country.

The Minister said the Government would bring down the transaction costs and all major ports and airports would function 24X7 with regard to exports. The Ministry has discussed the matter with the Central Board of Excise and Customs.

There will also be monthly trade facilitation meetings between the Commerce Secretary, DGFT, regional DGFT offices and EPCs, he said, adding that the Ministry would monitor the situation closely.

Citing the incentives announced by his Ministry, he said, “We hope that there will be a turnaround by October.”

Meanwhile, CII suggested that for achieving the export target of $500 billion by 2014, the National Manufacturing Policy announced last year needed to be implemented by the States.

>arun.s@thehindu.co.in

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