|
| Govt bullish on $200-bn target, but worries remain |
| BS Reporter / New Delhi Aug 24, 2010, 00:45 IST |
|
Even as Commerce and Industry Minister Anand Sharma was bullish on achieving merchandise exports worth $200 billion in this financial year, concerns on the global economic recovery remain that could spell doom for the country’s foreign trade growth yet again.
Failing to accelerate the process of recovery, countries such as the US, UK, Germany, France and Japan would now strive to promote their products into the developing countries having massive consumer markets.
“This would pose a challenge to our exporters in accessing overseas markets for their products. The uncertainty surrounding exporters’ prospects, therefore, continues to linger. We are not yet out of the woods,” the minister said while releasing the annual supplement to the Foreign Trade Policy of 2009-2014.
He underscored the need to remain “alert and vigilant” against any efforts by countries to stop importing from India. He also said there were serious concerns over the weak nature of the global economic recovery.
“It is not going to be an easy patch for our exporters. In view of resource constraints, our response has to be appropriately calibrated. It is simply not possible to sustain support to all sectors. What we must ensure is that those sectors which are still not doing well are extended necessary support,” Sharma added.
He said the country should be able to come back on the high export growth path of around 25 per cent annually by 2014 and double India’s export of goods and services. “Our total merchandise exports for 2009-10 was $178.66 billion. With the present growth trend, we are on course to achieve export target for 2010-11,” he added.
During the April-July period this year, total exports rose by 30.1 per cent to $68.6 billion, whereas imports grew by 33.3 per cent to $112.2 billion.
Sharma also said that the government was “obliged” to restrict the export of certain food products owing to inflationary pressures in the economy and boost domestic availability.
“We also have to be conscious of the need for and the inevitability of fiscal consolidation. Suffice it to note that the level of resources available today may not be available in the future.”
According to the Federation of Indian Export Organisations, the measures announced by the government for the ailing sectors would boost trade further.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
