Exporters should adopt a model of mass production to make their products cheaper and more competitive in global markets, Exim Bank said today.
"Like Chinese exporters, Indian corporates should adopt a cluster approach to get the benefit of various concessional schemes floated by the Exim Bank," Exim Bank Chairman and Managing Director TCA Ranganathan said here, while addressing a Ficci seminar here.
He also said this would make exports of products cheaper and more competitive in the global markets.
"Chinese exports are competitive in the global markets due to mass scale of production. Our manufacturer should also follow that kind of model for making our exports competitive," he said.
Talking about export growth, he said exports had shown good growth despite uncertain economic environment.
The country's exports grew by 36.3% in September to $24.8 billion over the corresponding period last year, according to the government data. During the April-September period, merchandise shipments rose 52.1% to $160 billion.
The sectors that exhibited significant growth during the first half include engineering, gems & jewellery and petroleum.
While engineering exports rose 103% to $46.4 billion, petroleum shipments jumped 53% to $27 billion and gems and jewellery consignments grew 23% to $18.5 billion over the same period last year.
The government has set an export target of $300 billion for this financial year against $245.9 billion achieved in the last fiscal against a targeted $200 billion.
Centre for WTO Studies Head Abhijit Das, who was also present in the seminar, said, "Exporters should take advantage of various FTAs along with various trade liberalisation measures of the WTO to make exports more competitive."
