Will use global stimulus plans to boost exports: Nirmala Sitharaman

NEW DELHI: Commerce & Industry Minister Nirmala Sitharaman said the government will focus on strengthening domestic industry and look to boost exports by taking advantage of opportunities that stem from stimulus programmes implemented by major economies. She declined to comment on the impact of a stronger rupee on India’s exports.

“It will be sensitive to comment on it at this stage,” she told ET in an interview. The rupee has risen over 2.5 per cent in past six months, undermining India’s export competitiveness amid sluggish global trade. On Thursday, the Centre refuted reports the commerce department had mooted rupee devaluation to push exports.

Sitharaman said the dip in India’s exports was “no longer worrying” and that revival efforts were under Commerce way. Exports dropped 15.5 per cent in FY16 but data released on Thursday showed August numbers were almost the same as last year.

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“We are watching very carefully various steps taken by major economies,” she said. On retail, she said high-end fashion and luxury won’t get the benefits given to high-tech products under the single-brand retail policy. Also, personal care items can’t be sold in shops that come under the 100 per cent FDI in food marketing policy.