'U.S. slowdown, currency trends to impact Exim policy'

MUMBAI, MARCH, 7. The slowdown in the U.S. economy, removal of quantitative restrictions and currency value trends will influence export growth targets and the Export-Import Policy for 2001-02, the Union Commerce and Industry Minister, Mr. Murasoli Maran, said today.

The Exim Policy, the first after removal of all quantitative restrictions from April 1, would give due attention to the protection of domestic industry, which is in transition, Mr. Maran said at an open house meet organised by the Federation of Indian Export Organisations (FIEO) here. Exports till January had grown by over 20 per cent and would maintain the same tempo during the remaining months of the current fiscal.

Expressing concern at the shrinking share of Indian exports in world trade at 0.79 per cent, the Minister said, ``We should target for at least one per cent share by 2004-05". At present, world trade was valued at $7.2 trillion and India would need to export $72 billion worth goods and services per annum by the middle of this decade, he said.

On Chinese goods flooding Indian markets, he said the ``Government has taken prompt steps to curb unlawful imports. They are coming through direct channels and the grey market route", he added. Indian companies have to improve quality and improve competitiveness to face the imports and also step up presence in the international markets.

The State governments had an important role in boosting exports but seem to have no interest in it for tax reasons, he said.

Mr. Maran said the Centre had announced a scheme for granting assistance (Rs. 97 crores) to States on the basis of their export performance for developing trade related infrastructure, he said.

The Commerce Secretary, Mr. Probir Sengupta, said small units were contributing significantly to exports. ``But how long will they sustain to export profitably in a competitive global market," he asked.

- PTI

Send this article to Friends by E-Mail

Section  : Business
Previous : Software shares stage recovery on BSE
Next     : HC declines to invervene in IPCL plant deal