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Industry lobby groups give thumbs-up to govt's steps to boost exports
At a time when things are not entirely in the favor of Indian economy and the global economy is also in crisis the government has come out with a seven-point strategy to boost exports.

WHILE UNVEILING a seven-point strategy to boost exports, the government expressed confidence that India would be able to sustain 20% export growth in the current fiscal.

To boost exports the government extended interest subsidy scheme by one year till March 31, 2013. The coverage area of the scheme has also been expanded to include other labour-intensive sectors like toys, sports goods, processed agricultural products and ready made garments. Notably a 2% interest subsidy was given under the interest subvention scheme to handlooms, handicrafts, carpets and SME sector.

Confederation of Indian Industries,CII, the industry lobby group, in a press release has welcomed the steps taken by the government. CII's President Adi Godrej said that the measures would definitely boost Indian exports and would help India achieve its export target of US$ 500 billion exports by 2013-14

Welcoming the annual supplement to the foreign trade policy, FICCI President R V Kanoria said that the forward-looking measures will help boost exports and achieve this year's target of 20% increase.

Industry body Assocham also praised the seven steps. Assocham's Secretary General said the steps will also encourage domestic production at a time when industry is reeling under the slowdown.

Assocham further suggested that since there is a slowdown in the US and European economies, therefore India should put special emphasis on export to South East Asian Countries as this region is currently showing a healthy growth trend.

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