The Hindu Business Line : Commerce Ministry sees 17 pc growth in exports this fiscal

In 2004-05, India's exports stood at $80 billion. By 2009, export earnings are expected to go up to around $150 billion, according to Mr S.N. Menon, Secretary in the Union Ministry of Commerce.

Speaking at an awards function organised here on Wednesday by the Engineering Export Promotion Council (Eastern Region), Mr Menon said areas of concern to the exporting community — such as poor infrastructure, VAT refunds, fringe benefit tax and putting up special economic zones, among others — are being looked into with a view to facilitating increased exports.

Mr Menon said India's export growth has averaged around 20 per cent in the last three years even as export growth in the last fiscal stood at 24 per cent. However, exports are likely to be impacted in the next few days on account of rains in Mumbai, the country's major export hub.

According to him, the Union Ministry of Commerce was working closely with the Union Ministry of Shipping and the Department of Revenue in the Union Finance Ministry with a view to removing bottlenecks and facilitating increased exports. While a joint meeting with the Ministries has been held in Mumbai, another one is slated to be held in Kolkata in September. Besides, a presentation on negative profits would soon be made to the Prime Minister's Economic Advisory Group. "We will also convey the concerns of exporters at this meeting", he said.

Mr Menon said the SAFTA was expected to go online this year. While infrastructure needs would be addressed, the Centre was also keen on ensuring balanced regional growth. Towards this end, he said approvals had been granted for the setting up of 44 special economic zones, including 24 large ones encompassing a minimum area of 1,000 acres each. These special economic zones were being set up by several large Indian companies, he said.

In his address, Mr Rakesh Shah, Chairman of EEPC, said export of engineering goods from India stood at $14.9 billion in 2004-05, a growth of 35 per cent over the previous year. Engineering goods export target for the current fiscal has been fixed at $17.25 billion.

He said EEPC had received a strategy paper from A.F. Ferguson on export promotion. An action plan is being prepared for implementing various suggestions made in the strategy paper in consultation with the Government, he said.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page