Need to look at newer markets for exports: Scindia

India needs to look at newer markets for exports apart from the three primary markets of the EU, the US and Japan, Union minister of State for commerce and industry Jyotiraditya Scindia said today.

"Today, 30% of our exports are concentrated in three geographies - the EU, the US and Japan. We have captured these markets and it is important to look at other geographies," Scindia told reporters here.

From a labour intensive perspective, close to 70% of India's exports are committed to these three geographies alone, he said.

"We need to diversify into markets like West Asia, South Africa, Asean and CIS (former Soviet states)," Scindia said.

"The Government would place a very strong foot forward to ensure that we move across geographies to other markets," he said.

There was a need for product diversification across four spectrums -- consumer goods, manufactured goods, agriculture and services.

Scindia said that exports, in terms of real numbers, have shown a growth after shrinking in the December-April period.

"In terms of real numbers, exports declined from $15 billion to $10.7 billion in April. That fall has been stemmed. From April onwards there has been a steady increase," Scindia said.

In April, exports was $10.7 billion followed by $11.6 billion in May, $12.7 billion in June and $13.6 billion in July, the minister said.

"In terms of percentage, exports figures are alarming. Last quater, we were down by 32% and in July the exports dipped by 26% compared to the same period last year."

The rising graph of real numbers is a reassuring sign but the ministry is extremely concerned about the percentage, he said.

"We are extremely concerned about the percentage. We want to see real numbers increasing and the percentage also turning positive," Scindia said.

The Government is committed to the cause of exporters as they provide employment opportunity to a large section of people in the country, he said.

The ministry is also working on making transaction cost process easier for exporters.
"We need to make the (transaction cost) process as seamless as possible. The multiplicity of agencies and departments that exporters now deal with must be consolidated and we are spending a lot of energy on this," Scindia said.

The ministry is also considering the possibility of setting up an inter-ministerial task-force to look at condition of exports and measures to be taken for their improvement, he said.