Bikky Khosla | 31 Jul, 2018
published in a national daily last week, NITI Aayog CEO Amitabh Kant
has viewed that the Indian economy cannot survive without exports.
Citing example of China's 13 percent growth in 2016 with the
countryâs exports contributing more than 37 percent to the economy
during the period, he states that exports must be crucial part of the
strategy if India wants to achieve double digit growth. This
old slogan, "export or perish" is still relevant today.
his point further, the official adds that while India's
exports have been showing a rising trend of late, as reflected by 20
percent exports growth in May 2018 compared to May 2017, there is
still ample room for further growth, and the ongoing positive
trend is an opportune time to shift gears. He also suggests several
measures, including timely GST refunds, promotion of clusters and
zones of production, support to the MSME sector, easy border
compliance, reduced information barrier, etc. The Centre should pay
heed to these aspects.
the Commerce Minister recently said that Indiaâs merchandise
exports are expected to register healthy growth in the coming months
and are likely to touch $350 billion by end of the current financial
year. He added that at a time when merchandise exports are facing
their biggest ever challenge globally, Indian exports are rising
owing to a proper strategy. This
is true to some extent, but as stated by the NITI chief, efforts must
continue so that we can gain on this momentum.
we look at June export figures, they show modest growth by several
labour-intensive sectors such as textiles, jute, leather, agriculture
and gems & jewellery. These sectors are still facing liquidity
crunch due to tightening lending norms by banks and other lending
agencies. Last week, GJEPC raised concern that lower bank credit may
pull down exports from the gems & jewellery sector by 10 percent.
Several other sectors seem to be facing the same challenge, and so
government attention is needed
in this direction.
invite your opinions.