Sharma to announce sops to select export sectors soon

Contrary to what the finance ministry has said about rolling-back of the stimulus packages to industry, the commerce ministry is considering extending sops to select export sectors in the next few days.

Commerce and industry minister Anand Sharma told reporters in New Delhi on Thursday that the ministry would take a decision on the sectoral stimulus within a few days.

Sharma said his ministry had reviewed various export sectors, which were still facing problems even as shipments turned positive in November.

Though Sharma did not name the sectors that would be eligible for government support, sources say these would include labour-intensive segments like gems and jewellery, leather, engineering and carpets may get sops like tradable entitlements for duty-free imports.

Even as exports have turned positive from November after recording over 18 per cent rise, Sharma said there was a need to adopt a cautious approach. India's exports rose an annual 18.2 per cent in November to $13.2 billion, the first time following 13 straight months of decline. He added that recovery was weak...and the pattern was not uniform. He said that the growth had come on a low base last year adding that he had urged caution.

The sops would be extended by the commerce ministry through its budget allocation, he said.