India must expand focus beyond 'conventional markets', focus on mapping products: Parliamentary panel recommends

New Delhi [India], February 8 (ANI): India must expand its focus beyond its "conventional markets" and explore export opportunities in areas where it holds a competitive edge, and emphasis must be given on mapping products to target markets, as the Department Related Parliamentary Standing Committee on Commerce recommended in its 187th report.
The report on the subject 'Comprehensive Strategy to Map Major Products and Countries to Maximize Exports and Minimize Imports', also recommended for a "strategic approach in alignment with the effective international trade practices", suggesting "it is essential for the success of export initiatives."
The Committee headed by Rajya Sabha MP Abhishek Manu Singhvi presented the report in both the Houses of Parliament on Thursday.
In the report, the panel has underscored the importance of mapping products to target markets, minimizing imports through enhancing domestic production and the need for delineating strategies for leveraging these opportunities.
The committee has also examined several vital export-related sectors and other cross-cutting issues, and made recommendations to tackle the significant concerns within these areas.
The committee recognised the significance of aligning products with the specific needs of consumers and businesses in designated markets in the report.
Acknowledging that mapping products to target markets necessitates thorough market research to identify potential new markets for export, the the committee suggested to utilise advanced data analysis tools and leveraging the expertise of research professionals who will ensure a thorough understanding of the dynamic market landscape.
"The Committee, therefore, recommends investing in comprehensive and up-to-date market research methodologies," mentioned the report in its para 2.16.
Furthermore, the Committee underscores the importance of staying alert to evolving market dynamics. Regular updation of the mapping strategy based on real-time market feedback will enable Indian exporters to stay ahead of the curve and remain competitive in the global market. "This insight is also crucial for a successful and sustained growth in the market."
It also suggested for formulating customized export promotion strategies for each target market to enhance export capabilities, pointing that such strategies may encompass participating actively in international trade fairs, arranging buyer-seller meets, conducting capacity-building programs and addressing trade-related challenges encountered by exporters.
The committee also suggests for regular monitoring and evaluation of outcomes of these trade promotional activities to ensure a more streamlined and successful export promotion effort.
As more than one-third of the country's total imports comprise of the crude petroleum, coal, coke and other petroleum products, and these are extremely important for 'Energy security' of the country, the committee opined that "there is a need to enhance domestic production by incentivizing the exploration and extraction of hydrocarbons from fossil fuels to curtail imports."
"Additionally, a greater contribution of renewable energy in India's energy mix will contribute in reducing reliance on imported coal and other petroleum products. To further reduce imports, a shift from traditional fuel-based vehicles to electric vehicles (e-vehicles) is also essential."
During its two meetings spanning over four hours and 35 minutes, the committee examined and discussed the subject with representatives of Department of Commerce in Ministry of Commerce and Industry along with officials of other line ministries and departments; Department of Financial Services in Ministry of Finance; representatives of Confederation of India Industry (CII); representatives of PHD Chamber of Commerce and Industry (PHDCCI) and representatives of Federation of Indian Export Organisations (FIEO).
The committee also heard the views of representatives of Pharmaceutical Export Promotion Council (PHARMEXCIL); Basic Chemicals, Cosmetics and Dyes Export Promotion Council (CHEMEXCIL); Engineering Export Promotion Council of India (EEPC); Apparel Export Promotion Council (AEPC); and Gem and Jewellery Export Promotion Council (GJEPC).
The committee considered and adopted the draft report in its meeting held two days ago on February 6. (ANI)