Govt looks at exports to beat slowdown
18 May 2012 12:39 AM GMT
The government on Thursday said it has set an export target of $350 billion for the 2012-13 financial year and is hopeful of achieving it despite the current weak global economic scenario.
Minister of state for commerce and industry Jyotiraditya Scindia said a better assessment of the shipments would be made after the first half of the current fiscal.
'We have set ourselves $350 billion target. We have closed at $303 billion in the last fiscal,' Scindia said on the sidelines of an Export Promotion Council for EOUs and SEZs (EPCEs).Scindia said although the global economy is struggling to come out from the economic uncertainties, 'I can say that even in a difficult environment our exporters are doing a tremendous job'.
India's exports surpassed the target of $300 billion for 2011-12 and touched $303.7 billion, despite problems in Europe and the US.
Imports during the year shot up by 32.1 per cent to $488.6 billion, leaving highest-ever trade deficit of $184.9 billion .
The US and Europe together account for over 65 per cent of the country's total exports.
Exporting sectors that registered a healthy growth in 2011-12 include engineering, petroleum and its products besides gems and jewellery.
From a peak of 82 per cent in July last year, export growth slipped to 44.25 per cent in August, 36.36 per cent in September, 10.8 per cent in October and 3.8 per cent in November 2011. In April this fiscal, the growth came down further to 3.2 per cent to $24.5 billion.
On export growth from special economic zones (SEZs), Scindia said: 'Irrespective of the fiscal situation we are facing today, I am fairly confident that we should be able to achieve 10-15 per cent growth this year'. In 2011-12 fiscal, the exports from SEZs grew by 15 per cent year-on-year to Rs 3.6 lakh crore in value terms.
NEW TRADE POLICY SOON
Amid rupee's free fall and slowdown in western markets, the government is likely to announce incentives in the foreign trade policy (FTP), scheduled for 5 June, to boost exports. After taking stock of the country's exports with industry and export promotion councils, commerce and industry minister Anand Sharma said before the announcement of FTP, issues affecting exporters such as rupee depreciation, cost of credit and eurozone crisis will be discussed with FM Pranab Mukherjee.
'Wait till 5 June... the government will do everything that is feasible given the pressure of resources to keep India's exports momentum going...there are concerns, we have to take a balanced view we cannot have a situation where we end up paying higher imports bill and our exports do not grow,' he said.
He said there is a need to focus more on labour-intensive sectors. He had hinted at giving export incentives to some sectors to cushion them from the slowdown.
Minister of state for commerce and industry Jyotiraditya Scindia said a better assessment of the shipments would be made after the first half of the current fiscal.
'We have set ourselves $350 billion target. We have closed at $303 billion in the last fiscal,' Scindia said on the sidelines of an Export Promotion Council for EOUs and SEZs (EPCEs).Scindia said although the global economy is struggling to come out from the economic uncertainties, 'I can say that even in a difficult environment our exporters are doing a tremendous job'.
India's exports surpassed the target of $300 billion for 2011-12 and touched $303.7 billion, despite problems in Europe and the US.
Imports during the year shot up by 32.1 per cent to $488.6 billion, leaving highest-ever trade deficit of $184.9 billion .
The US and Europe together account for over 65 per cent of the country's total exports.
Exporting sectors that registered a healthy growth in 2011-12 include engineering, petroleum and its products besides gems and jewellery.
From a peak of 82 per cent in July last year, export growth slipped to 44.25 per cent in August, 36.36 per cent in September, 10.8 per cent in October and 3.8 per cent in November 2011. In April this fiscal, the growth came down further to 3.2 per cent to $24.5 billion.
On export growth from special economic zones (SEZs), Scindia said: 'Irrespective of the fiscal situation we are facing today, I am fairly confident that we should be able to achieve 10-15 per cent growth this year'. In 2011-12 fiscal, the exports from SEZs grew by 15 per cent year-on-year to Rs 3.6 lakh crore in value terms.
NEW TRADE POLICY SOON
Amid rupee's free fall and slowdown in western markets, the government is likely to announce incentives in the foreign trade policy (FTP), scheduled for 5 June, to boost exports. After taking stock of the country's exports with industry and export promotion councils, commerce and industry minister Anand Sharma said before the announcement of FTP, issues affecting exporters such as rupee depreciation, cost of credit and eurozone crisis will be discussed with FM Pranab Mukherjee.
'Wait till 5 June... the government will do everything that is feasible given the pressure of resources to keep India's exports momentum going...there are concerns, we have to take a balanced view we cannot have a situation where we end up paying higher imports bill and our exports do not grow,' he said.
He said there is a need to focus more on labour-intensive sectors. He had hinted at giving export incentives to some sectors to cushion them from the slowdown.
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