The government has announced a new plan on Tuesday aimed at boosting exports from the country and increase country’s share in the international trade.

The seven-point strategy to boost exports will include extension of interest subsidy scheme by one year till March 31, 2013. Union commerce minister Anand Sharma said that the government has decided to extend the scheme, under which 2 per cent interest subsidy was given to handlooms, handicrafts, carpets and SME sector, for one year till March 31, 2013. The scheme will also be expanded to include labour-intensive sectors including toys, sports goods, processed agricultural products and readymade garments.

He was speaking at an event to launch the annual supplement to India’s Foreign Trade Policy 2009-14 in New Delhi. He pointed out that the strategy includes seven broad parameters. The government will focus on employment-intensive industry and continuation of market diversification strategy.

Mr. Sharma said that the country will be able to support an export growth rate of 20 per cent in the coming year amid a global slowdown. "It is our expectation that with these measures, we shall be able to sustain an annual export growth of 20% this fiscal", he said. The country’s exports recorded a growth of 21 per cent to $303 billion in 2011-12.