Press Information Bureau

Government of India

Ministry of Commerce & Industry

14-May-2012 16:42 IST

In February 2011, Department of Commerce released two reports on export promotion. One was on the strategy to double India’s exports by 2014 with focus on product strategy, market strategy, technologies and R&D and building a brand image. The other was a report of Task Force on Transaction Cost in Exports which made 44 recommendations relating to infrastructure and procedure. Out of these 44 recommendations, 23 have been implemented which reduced the transaction cost to an extent of Rs.2100 crore in perpetuity

This information was given by Shri Jyotiradiya M. Scindia, Minister of State for Commerce & Industry in written reply to a question in Lok Sabha today.

DS/GK

Transaction cost reduction through implemented export facilitation measures lowers ongoing export compliance and operational burdens. Implementation of Task Force recommendations reduced export transaction burdens by adopting infrastructure and procedural reforms: 23 of 44 recommendations were implemented, producing ongoing reductions in export transaction costs and altering the regulatory and administrative environment governing export transactions.