Merchandise Exports set to touch $75 billion
Merchandise exports are likely to touch $75-billion during current fiscal year provided level of growth witnessed so far is sustained, the Union Minister for Commerce and Industry, Mr Kamal Nath, said.
Speaking at a meeting organised by the Forum of Financial Writers here, Mr Nath said all efforts were being made in this regard, especially when the merchandise exports during April-August this year have already recorded a growth of 26 per cent over the same period in the previous year.
"The challenge is to strive for sustaining the growth rate at 20 per cent and above for the next five years while the export target for the current financial year 2004-05 is pegged at 16 per cent. But I am determined that we shall exceed this. I want it to be at least 20 per cent," he said.
The Minister also said last month he announced a comprehensive Foreign Trade Policy 2004-09 with a preamble that clearly laid down the context, objectives and the strategies to achieve the country's goals in the foreign trade sector. The objectives is to double India's percentage share in the global trade within the next five years and ensure that it acts as an effective instrument of economic growth linked to development and employment.
Mr. Nath said that the SEZ Act would be introduced shortly to boost the confidence of investors about the stability of the country's SEZ policy.
Proposed national conference on textiles scheduled for next month would provide useful insights into the post-MFA scenario for India, he said.
Referring to the WTO issues, Mr Nath reiterated the crucial role played by India during the negotiations in Geneva in July last, which led to the adoption of the Framework Agreement.
September 24' 2004
