The Centre may soon come up with some steps to boost exports. In a meeting held recently, chairpersons of export promotion councils raised a number of concerns – including problems in getting credit, requirement of more incentives, MAT on special zones, etc. – before the Commerce minister who in turn assured that several support measures are in the pipeline for the sub-sectors that need help. Our exports contracted for the 16th month in a row in March and I hope this time the government would come up with some really strong measures to support faster revival of the sector.

According to a recent WTO report, growth in the volume of world trade is expected to remain sluggish at 2.8 percent in 2016. This is not good news for India. Although the world trade body has clearly said that this concern should not be exaggerated and that there is still some scope for upside potential, I think it is the right time for our government to help the export sector regain its lost strength. It is true that the reforms being undertaken by the government and its continuous thrust to boost infrastructure would surely prove beneficial for the sector in the future, but we also need to take care of its short-term concerns, considering the current scenario in global trade.

The RBI, in its recent bi-monthly policy statement, has identified exports slowdown as one of the major factors that could impinge upon the growth outlook for 2016-17. According to the central bank, while factors like the government's strong commitment to fiscal targets, thrust on infrastructure, the 'start-up' initiative and expected high household consumption demand may prove beneficial, there are still three major challenges to the economy: low investment demand, slow revival of private investment, and finally, exports downfall due to tepid global output and trade growth. I think the Indian economy must start firing on all cylinders – including exports – if we want to realize the dream of becoming a global growth engine.

Meanwhile, it has been reported that the commerce department is considering setting up a specialized team to negotiate international trade deals. It is a welcome move. Over the past few years, we have signed a number of FTAs with partner countries, but there is widespread criticism that these negotiations have resulted in more imports and less exports by us. Reasons for this is often cited as poorly negotiated deals due to frequent transfer of members and lack of consistent negotiation teams. Also, industry representatives are not involved in the process. Now, the Centre wants to change this so that trade negotiations can garner better results for us.

I invite your opinions.