'Stable trade policy regime has lifted export performance'

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SME Times News Bureau | 09 Jun, 2012
A stable policy regime has helped the country's export community gain confidence and achieve success against all odds, said Union Minister of Commerce Industry and Textiles Anand Sharma on Friday in New Delhi.

"We have persisted in providing a stable policy regime through our Foreign Trade Policy which has provided a measure of confidence and continuity for our exporting community," Sharma said addressing a National Seminar on Foreign Trade Policy organised by industry body FICCI in the national capital.

He added that 14 new markets have been added in the new Policy, adding that that the domestic procurement process too has been made transparent.

Emphasizing on the market diversification strategy, he further said, "Our exports to Asia, Africa and Latin America last year amounted to US$ 188 billion comprising 62% of total export basket which is indeed a significant development."

"The extension of interest subvention and the expansion of its coverage has been well received by industry. The extension of zero duty EPCG scheme by another year and the enlargement of its scope has also found resonance as it catalyzes a technological upgradation," the minister said commenting on the new FTP initiatives.

However, Sharma expressed concern over the nation's mounting trade deficit and dull global trade prospects in the coming months. "This year the prognosis is not good. Global trade will also shrink by a percentage point," he said.

Commenting on slump in GDP growth in the fourth quarter of the last fiscal, he said, "We are not happy with 5.3 percentage growth", but at the same time added that we cannot grow in isolation, and cannot decouple ourselves from the developments in other region."

Speaking about the engagements with Pakistan,Sharma said that the Government has taken a well-thought out plan with Pakistan. In less than a year, things have moved forward a lot, he said.

He further said that the time has come when China will be interested in making investments in India, as red tapes and all sorts of bottlenecks have been removed. India is also working on making South Asian economic integration a reality in the near future, he added.

On the National Manufacturing Policy, the trade minister said the policy is now in a functional stage and that his ministry envisages of making India a hub of manufacturing in the future. Separate Investment Promotion Board has also been set up, he said.