With the current account deficit (CAD) reaching 4.4% of GDP in the second quarter and exports falling 12% in December, the government is working on measures to boost exports to new markets and control imports of Chinese products.
CNBC-TV18 learns that India aims to increase its exports to growing countries like Brazil. India is also looking to add other geographies to its export list as several key countries to which exports previously took place are experiencing a slowdown.
The possibility of an increase in electronics exports to Russia is also being considered due to a huge demand for Indian electronics in that country.
Government sources said under-invoicing and the importation of substandard goods from China remain a concern. That is why measures are taken by the Department of Customs and Revenue in this regard.
The government reviews domestic production, food stocks and market availability before pushing for any food exports.
All government departments ensure sufficient availability of wheat stocks and any clearance for wheat export will only occur after several government departments have reached consensus on sufficient domestic wheat availability.
Wheat export was heavily regulated by the government last year after crops failed in various parts of northern India due to a severe heat wave.