Financial Daily from THE HINDU group of publications
Tuesday, May 03, 2005
Financial Daily from THE HINDU group of publications Tuesday, May 03, 2005 |
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Industry & Economy
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Foreign Trade Boost trade with enlarged EU in IT, biotech: Assocham Our Bureau
New Delhi , May 2 THE Associated Chambers of Commerce and Industry of India (Assocham) has stressed the need for expanding India's trade basket with the enlarged European Union (EU) in areas such as Information Technology & Communication, biotech and pharmaceuticals, agro foods processing and textiles. In a study conducted by Assocham on `India - European Union Strategic Ties', the Chamber has stressed that the expanded EU throws open opportunities of higher volumes of economic activities in the aforesaid areas because of inherent strength that the Indian industry has acquired in these sectors. According to the Assocham President, Mr Mahendra K. Sanghi, "Indian IT companies will gain primarily by setting up their offices in low cost countries and by catering to the needs of the new enlarged EU. India's IT experts can also club their sophisticated project management skills with the acceding countries' IT skills." Mr Sanghi pointed out that IT exports from India have more than doubled in the last five years from 850 million euros in 1999-2000 to 2,160 million euros in 2003-2004. EU accounts for 20 per cent of India's software exports. However, India's IT sector has been concentrating more on the UK due to the ready pool of English language experts. The Chamber has suggested that there is a need to extend India's human resources to non-English speaking countries in software development and IT Enabled Services. Efforts should be made to take initiatives in European languages other than English. Other suggestions include improving harmonisation and transparency on regulations governing the IT industry.
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