INDIA’S GOODS AND SERVICES EXPORTS TO DOUBLE BY 2014: ANAND SHARMA INDUSTRIAL OUTPUT EXPANDS BY 10.4% IN AUGUST 2009 CONSULTATIVE COMMITTEE OF COMMERCE AND INDUSTRY MEETS
News and Press Release
Dated:- 12-11-2009
Shri Anand Sharma, Union Minister of Commerce & Industry, during his interaction with the Members of the Parliamentary Consultative Committee attached to his Ministry, here today, stated that even in the difficult times, we would like to achieve an annual export growth of 15% over 2010-11 and added that in the remaining three years, the country should be able to come back on the high export growth path of around 25% per annum. The Minister informed the Members that by 2014, India's exports of goods and services are expected to be doubled while the long term policy objective is to double India's share in global trade by 2020. The Members who attended the Meeting were: S/Shri Harin Pathak, G.M. Siddeshwara, Chandu Lal Sahu, Kristappa Nimmala, M. Srinivasulu Reddy
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orts; Gems & Jewellery exports have now been stated to be stable and improving, pharmaceutical exports is reasonably stable and some agri products like tobacco, flowers, vegetables etc. are also still doing well.
To meet the objective of sustained growth in exports, Shri Sharma said “our endeavour is to have a policy environment through a mix of measures including fiscal incentives, institutional changes, procedural rationalization, efforts for enhanced market access across the world and diversification of export markets. With this background, I have announced the New Foreign Trade Policy, 2009-14 on 27th August'09 giving special thrust to the employment oriented sectors which have witnessed job losses in the wake of recession especially in the field of textiles, leather, handicrafts, etc”.
As regards industrial slowdown witnessed during 2008-09, Shri Sharma said that it was generally widespread, affecting all the three key segments of the industry viz., mining, manufacturing and e
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s and Services Tax (GST) and its implementation, move to restore the benefit of Income tax on exports, issues related to cotton exports, impact of exchange rate fluctuation on our economy, infrastructure facilities etc. They also desired to know about the WTO related issues and the impact on Indian industry due to agreement with ASEAN. Some of the Members emphasized that effort should be made for achieving the export target fixed in the present scenario of continuous decline in exports and limited revival of demand in developed economies. They suggested that Ministry should come out with assessment of job losses in the wake of continuing downturn, particularly for gems and jewellery units in Surat and Textile Units in Tirupur and to examine the need to frame incentives linked to job protection and job creation. The Members stressed that the new initiatives taken in FTP, particularly the Export Promotion Schemes which are currently provided for two years, need to be continued for at lea
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