SME Times News Bureau | 21 Apr, 2012
It is
possible for India to achieve the export target of $450 billion by 2014 if the
government takes systematic steps to remove ground-level and structural
impediments, viewed industry body ASSOCHAM recently.
“Developing
infrastructure and improving technological sinews of the industry requires a
long-term perspective which has to be necessarily a part of the effort that
aims at realising sustained export growth,” said ASSOCHAM president Rajkumar
Dhoot in a press statement.
“With trade becoming increasingly
technology-led, innovation is the name of the game in today’s global
marketplace,” he added.
On the
burgeoning trade deficit, he said there is need to de-regulate fuel prices, or
else there will be a severe burden on external payments position.
India’s
imports grew at a sharper pace of 32.1% in the last fiscal, reaching $488.6 billion,
and resulting in a trade deficit of184.9 billion. Petroleum, and gold and
silver were some of the main components in the import basket.
“The gold imports figure
must also decrease by educating domestic investors and encouraging substitution
of gold purchases with alternatives from formal financial sector which will
help in increasing the productive capacity of economy,” said Dhoot.
