The segmentation will elucidate the possibility of increasing penetration of products and services.
Clearly defined market segmentation is crucial to understanding the potential of domestic goods and services. Taking cue from this strategy, the commerce and industry ministry is reportedly working on a "proper" business plan based on market research.
The idea is to promote exports of goods and services, Union minister Suresh Prabhu said at the India luxury summit on Thursday.
Taking note of the potential of regions such as Russia and Latin America, he said "we are working on a strategy for each of the markets. I am in the process of preparing a proper business plan based on market research".
The segmentation will elucidate the possibility of increasing penetration of products and services, PTI quoted the commerce and industry minister as saying.
Pointing to the huge demand in luxury items in the international market, he added that the ministry is chalking out a new industrial policy and also trying to create new markets for Indian products globally.