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Mr Jaitley said the growth target of 12 per cent was very much in focus. He said all the economic indicators were pointing towards positive growth, and exports should thrive in this environment, even if imports become costly .

Kolkata , Nov. 18

THE average export growth of around 10 per cent during the April-October period augurs well despite the hardening of the rupee. The rupee's hardening no doubt is an adversity as far as exporters are concerned, but viewed as an economic indicator, it is a welcome sign, Mr Arun Jaitley, Union Minister for Commerce & Industry, has said.

Talking to newspersons after inaugurating the city's first hi-tech International Trade Facilitation Centre (ITFC) here today, Mr Jaitley said the growth target of 12 per cent was very much in focus. He said all the economic indicators were pointing towards positive growth, and exports should thrive in this environment, even if imports become costly.

In the case of exporters who import major inputs for export production, a hardened rupee was a welcome sign. He, however, cautioned that trade inefficiencies added to costs.

Earlier, in his special address, the Minister said going by simple economic calculations, one needs to create that comfort level at which entrepreneurs feel safe to invest and are assured of profitable results. No investor comes in for charity. But once we believe that our procedures, with regard to customs clearance, port delays, government permissions, etc., are adding to costs, capital per se is sure to get stuck. A need for a hi-tech trade facilitation centre also calls for higher inefficiencies, he added.

In the context of Bengal, Mr Jaitley stressed on the services sector, and said the State had the potential to emerge as a major IT hub. He also stressed on a strong manufacturing base, especially for creating more jobs.

Calling for greater discipline in the business environment, just as in China, he said the various EPCs and other facilitating trade bodies must strike an excellent partnership to achieve this end. He also appreciated the State Government's gesture of waiving stamp duty from the cost of the building to the extent of Rs 1 crore. The Centre has sanctioned Rs 7.5 crore towards the total cost of the building, which was Rs 17.5 crore. The balance amount has come from the respective occupants such as Engineering Export Promotion Council, Capexil, Plexconcil, Shellac Export Promotion Council, The Gem & Jewellery Export Promotion Council, Exim Bank and ITPO.

According to Mr S.B. Mookherjee, Union Minister of State for Commerce & Industry, the ITFC should help bring back the investors to the State, and facilitate a higher share in India's total exports for the region. In the 60s, the State contributed to 10 per cent of the nation's total exports, which has now shrunk to under 5 per cent. The Bengal Government had already announced a State export policy to raise the share to 9 per cent by 2007.

The ITFC, according to the Minister, would lead to a single point interaction among the trade bodies. Mr Nirupam Sen, the State Commerce & Industries Minster, said the new centre had fulfilled a long felt need, and would definitely give a boost to the State Government's export promotion efforts.

Mr Dipak Chatterjee, Union Commerce Secretary, said the IT-driven ITFC would act as a catalyst for generating export jobs, thereby contributing to the state's welfare.

Mr Jaitley also opened Bengal's first Rs 25-crore Greenfield Gems and Jewellery Park (Manikanchan), which has been accorded Special Economic Zone status. He suggested that this should help Bengal create a new benchmark in the gems and jewellery sector. Mr Buddhadeb Bhattacharjee, Chief Minister, said the State SEZ Act was now on the anvil, and was likely to be placed in the next Assembly session.

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