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Exports growth to be in double digits this fiscal: Commerce Secretary

In the last financial year, growth in exports was between nine and ten percent and the volume touched USD 331 billion which was a "record".

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Published : Aug 14, 2019, 7:00 PM IST

Kolkata: Exports growth of the country in the current fiscal is likely to be in double digits despite the challenging situation both on the external and internal fronts, Commerce Secretary Anup Wadhawan said here on Wednesday.

In the last financial year, growth in exports was between nine and ten per cent and the volume touched USD 331 billion which was a "record", he said.

Wadhawan also said the country had seen the "continuous growth" in the last three years.

"In the current financial year, we are expecting the growth to be in double digits", he said on the sidelines of an EEPC seminar here.

The official said the global slowdown was almost visible as per the forecast of the International Monetary Fund (IMF) and this fact would be factored in the revised Foreign Trade Policy (FTP).

The present FTP is valid till March 31, 2020, and the policy is announced in every five years.

In the first few months of the current fiscal, both exports and imports have been impacted. "While exports growth has managed to retain the past levels, imports have fallen leading to an improvement in the trade deficit", he said.

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Asked about the impact of the withdrawal of export benefits to Indian exporters under Generalized System of Preferences (GSP) by the US, Wadhawan said: "GSP is not an issue which is relevant now".

He said that benefits under GSP helped not more than three to four per cent of total exports to the US.

Speaking about engineering exporters, he said that there was a need to focus on up-gradation for the benefit of the Indian industry.

"The government will work closely with the exporters to identify all the issues, both domestic and overseas. The centre will also look at the bilateral and regional engagements with various countries," he said.
Wadhawan said that the revised FTP would be simple and easy to use.

Kolkata: Exports growth of the country in the current fiscal is likely to be in double digits despite the challenging situation both on the external and internal fronts, Commerce Secretary Anup Wadhawan said here on Wednesday.

In the last financial year, growth in exports was between nine and ten per cent and the volume touched USD 331 billion which was a "record", he said.

Wadhawan also said the country had seen the "continuous growth" in the last three years.

"In the current financial year, we are expecting the growth to be in double digits", he said on the sidelines of an EEPC seminar here.

The official said the global slowdown was almost visible as per the forecast of the International Monetary Fund (IMF) and this fact would be factored in the revised Foreign Trade Policy (FTP).

The present FTP is valid till March 31, 2020, and the policy is announced in every five years.

In the first few months of the current fiscal, both exports and imports have been impacted. "While exports growth has managed to retain the past levels, imports have fallen leading to an improvement in the trade deficit", he said.

Read more: 'Jio's First Day First Show will not impact theaters much'

Asked about the impact of the withdrawal of export benefits to Indian exporters under Generalized System of Preferences (GSP) by the US, Wadhawan said: "GSP is not an issue which is relevant now".

He said that benefits under GSP helped not more than three to four per cent of total exports to the US.

Speaking about engineering exporters, he said that there was a need to focus on up-gradation for the benefit of the Indian industry.

"The government will work closely with the exporters to identify all the issues, both domestic and overseas. The centre will also look at the bilateral and regional engagements with various countries," he said.
Wadhawan said that the revised FTP would be simple and easy to use.

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SBI proposes to dilute stake in credit card business
         New Delhi, Aug 14 (PTI) State Bank of India (SBI) on Wednesday said it is planning to dilute stake in its card business through the initial public offer (IPO) route.
         The country's largest lender currently holds 74 per cent stake in SBI Cards & Payment Services Private Limited.
         The Executive Committee of Central Board of the bank at its meeting held on Wednesday "has given in-principle approval to explore the possibility of diluting SBI's stake in SBI Cards & Payment Services Private Limited, a subsidiary company through IPO route at an opportune time, subject to the approval of RBI and other regulatory agencies in this regard," the bank said in a regulatory filing.
         Further, specific disclosures on offer for sale (OFS) by promoters will be be given, once the same is finalised by the bank, it said.
         The bank had launched SBI Card in October 1998. In December 2017, SBI and the Carlyle Group acquired GE Capital's stake in the joint venture. SBI holds 74 per cent, while Carlyle holds 26 per cent in the JV.
         Currently, the bank has a consumer base of about 6 million using its SBI Card services for payment of products and services.
         SBI Chairman Rajnish Kumar earlier this month had indicated that the public offer would be made in the fourth quarter of the current fiscal. PTI DP
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