Monday, April 14, 2008

India targets 5% world trade share by 2020

by Jo Black

“Focus product to a Focus Market” , should be the orientation of India’s trade policy, said Mr Kamal Nath, Indian Minister for Commerce and Industry. Indian exporters should look for new markets, markets hitherto unexplored like the countries of East Europe and the CIS countries.

He was speaking in the session- Interactive Session on Foreign Trade Policy and Procedures 2008-09 organized the Confederation of Indian Industry (CII). The minister said that the annual supplement to the foreign trade policy has laid the ground for targetting 5% of world trade share by 2020.

Mr Nath complimented the Indian industry for the resilient effort on the face of adverse domestic and international economic condition. He noted that the rupee appreciation over the last one year and the slowdown of the US economy have dented Indian exports in the recent times. Nevertheless, the minister declared that it might be a sense of achievement for the Indian industry but for him it is sense of fulfilment as exports have grown from $64 billion to $155 billion of exports expected by the end of the fiscal 2008-09.

The minister said that since four years back when this integrated foreign trade policy (2004-09) was announced, Indian exports have evolved a lot, in terms of the composition of the export basket, new buyers from the emerging economies and overall new found confidence of the Indian industry. He highlighted the fact partnership between the government and the business community has made this possible. He said that the perception of the world about India has undergone a sea change. Mr Nath said that the annual supplement this year is a package that is a relief to some, comfort to others, while impetus to the rest.

Mr Nath said that the sports and the toys sector have been given special push in the annual supplement keeping in mind Chinese competitiveness in this sector, and India is yet to be a significant player. Mr Nath ended with the optimistic and apt remark that We haven t missed the bus, its time to board the bus .

 

 

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