'India's exports to turn around in Sept end'

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SME Times News Bureau | 06 Aug, 2012
Union Minister of Commerce, Industry and Textiles, Anand Sharma has expressed his hope that the nation's exports, that have witnessed contraction for the last two months, would turn around by September end.

"We are seriously monitoring the situation. I think with the steps which have been taken and with the announcements, there will be some revival in exports and turn around this autumn (around September)," Sharma, who is on an official visit to Sri Lanka, told media in Colombo on Saturday.

Sharma also announced that by the end of August, Three more national manufacturing and investment zones will be notified taking the total number of NMIZs, to 15.

One new manufacturing and investment zone will be in Andhra Pradesh, while two will be set up in Karnataka, according to a statement by the ministry of commerce and industry. "After this, we will focus on the establishment of these zones," said Sharma.

NMIZs will be mega industrial zones with world-class supporting infrastructure. It is aimed to attract investments, particularly overseas investments.

Earlier during an interaction with the media persons, Sharma said that India and Sri Lanka will cooperate for modernization and revival of closed mills in Sri Lanka and Indian textile players will establish some manufacturing units also.

"Cooperation in Textiles sector is important from the perspective of both the countries as it is a major component of our economic partnership. A delegation of leading textiles industrialists will visit Sri Lanka in the first half of September," said Sharma.

India is committed to give a big boost to Sri Lanka exports as they will have the preferential access given the principle of asymmetry that has been offered without any expectation of reciprocity.

"It will be special and differential treatment that will be given. This is happening elsewhere also. This is how global production lines are created," said the Minister.

He also announced the Indian side of the composition of the Joint Task force. Apart from the official representative there will be representation from Automobile Component Manufacturing Association(ACMA), EEPC, Pharmaxil, CII and Texprocil will be the part of the Joint Task Force.