The Hindu Business Line : `Exports may touch $75 b this fiscal'

The Minister for Commerce and Industry, Mr Kamal Nath, with the Commerce Secretary, Mr Dipak Chatterjee, addressing the Forum of Financial Writers in the Capital on Thursday. — Ramesh Sharma

New Delhi , Sept. 23

THE country's merchandise exports are likely to touch the $75-billion mark during the current fiscal if the level of growth witnessed so far is sustained, the Union Minister for Commerce and Industry, Mr Kamal Nath, said here on Thursday.

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 noted that three weeks ago he had 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 were 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 reiterated that "exports are vital for generation of employment and stimulation of economic activity, especially in the rural and semi-urban areas. An integrated approach to economic policy linked to external trade is, therefore, of critical importance to the health of the economy. And the Foreign Trade Policy is an important step in this direction."

He said that the SEZ Act would be introduced shortly to boost the confidence of investors about the stability of the country's SEZ policy.

On the phase-out of MFA quotas from January next year, Mr Nath said that there would be opportunities as well as challenges and stressed that "the issues of capacity expansion, technology upgradation, R&D and infrastructural bottlenecks must be addressed on priority if we are to substantially increase our share of the world textile trade, post-MFA."

The 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.

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`Exports may touch $75 b this fiscal'