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With domestic exports facing the brunt of global slowdown, Finance Minister Arun Jaitley on Friday stressed the need to create an enabling eco-system by manufacturing quality products, at competitive prices.
“One important factor, which our global experience now teaches us is that the world wants to buy good products, it wants to buy cheaper products. Therefore, you have to think ahead of the others, manufacture products which are cost and quality competitive. This can actually enable you, even in adverse global circumstances, to find bigger market,” he said at the closing ceremony of 14-day long India International Trade Fair here.
India’s exports growth has contracted for 11 consecutive months and dipped by 17.53 per cent in October to $21.35 billion.
The Minister underlined the glaring challenge to increase exports when global trade was getting compressed.
Declining prices of oil, gas, metals, food products and other commodities in the global market have also adversely impacted the value realisation from exports, he said.
“The volumes have not declined, values have declined and values have declined from oil to gas, to metal to commodities to food products... It gets reflected in the export figures month after month,” Jaitley said.
s, to metal to commodities to food products... It gets reflected in the export figures month after month,” Jaitley said.
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