Commerce and industry minister Anand Sharma on Friday assured exporting industries that the government would announce incentives for both manufacturing and services exporters on Monday to provide them a cushion for declining shipments due to the global economic slowdown.
The new scheme for exporters would include interest subvention for sectors such as engineering products, he said, facing the fact that exports have been steadily shrinking for the last seven months.
During the April--November this fiscal, the country's exports shrank by 5.95 per cent to $189.2 billion.
Sharma was talking to the media after chairing the fifth meeting of the government-industry joint task force, which takes stock of developments on the economic front.
"Industry has conveyed its concerns about the cost of credit, weak disbursement of credit, rising cost of manufacturing, transaction cost, raw material availability," the minister said.
On the national manufacturing policy, Sharma said he would hold the first meeting of the manufacturing industry promotion board soon to review the state of the manufacturing sector.