"Representatives of export promotion councils and commerce ministry officials will be present in the meeting," a ministry official said. (Agencies)
During April-August, exports were up by only 3.89 percent at USD 124.42 billion. Imports too grew by 1.72 percent to USD 197.79 billion, leaving a trade deficit of USD 73.36 billion.
Rising trade deficit, which pushes the current account deficit, is a major concern for the government. The centre is taking steps to curb imports and push exports. Trade deficits have been fuelled by high imports of gold and crude oil, contributing to the widening CAD, which touched an all-time high of 4.8 percent of GDP, or USD 88.2 billion, in 2012-13.
Besides putting curbs on gold imports, the government is also taking steps to boost electronics manufacturing to reduce its imports. Commerce and Industry Minister Anand Sharma had recently said the government will further extend incentives to those exporting sectors which are lagging behind.
Meanwhile, Sharma expressed the hope that exports will continue to grow in double digits. "Yes, we are making every possible effort. I remain optimistic," he told reporters.
"Representatives of export promotion councils and commerce ministry officials will be present in the meeting," a ministry official said.