Tuesday, April 15, 2008

India’s foreign trade policy is growth oriented

by Jo Black

The Annual Supplement 2008-09 to the Foreign Trade Policy (2004-09) released by Mr Kamal Nath, Indian Minister for Commerce and Industry has fulfilled Indian industry expectations, according to a CEO Opinion Poll conducted by the Confederation of Indian industry (CII).

More than 73% of the respondents voted overwhelmingly to record a satisfactory, vision-led policy with an ambitious but achievable target of 5% share in the world trade for India by 2020.

More than 92% of the respondents voted for the annual supplement to be growth-oriented, the CII CEO Opinion Poll revealed here today. Industry captains feel that the supplement will help in sustaining India’s growth rate above 8.5% mark. 89% of the respondents were optimistic that the annual supplement will help in boosting India’s exports further and India’s exports growth rate of over 25% can be further enhanced.

Further, 50% of the respondents registered their confidence on the policy boosting competitiveness of their companies in the global market by directly impacting their bottomlines. 42% of the exporters polled felt that the new policy would help India in exploiting its knowledge arbitrage potential, which in recent times have assumed importance with the services export from the new-economy sector.

Overall, almost 80% of the exporters rated the annual supplement 2008-09 three and above on a scale of five and felt that the new foreign trade policy is forward looking and growth oriented.

 

 

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