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Last updated: 05 May, 2016  

Pranab Mukherjee THMB 'India needs more focused approach to help grow MSME exporters'

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Saurabh Gupta | 05 May, 2016
President, Pranab Mukherjee Wednesday said that India needs more focused approach in terms of procedures and banking solutions that more suited to the needs of exporters in micro, small and medium enterprises (MSME) sector.

"We need to focus on an important drivers of growth such as infrastructure, human capital, simplification of rules and regulations, and improved access to finance. The micro, small and medium enterprises sector of our economy is a major contributor to employment and exports. It is necessary to therefore have a focused approach in terms of procedures and banking solutions more suited to its unique needs," Mukherjee said at an event organised by the Federation of Indian Export Organisations (FIEO) in New Delhi.

He said, "The export sector is dynamic and affected by changes in policy both at the domestic and international level. We, therefore, need to be innovative in our approach to capture markets with customized products in today's highly competitive world. Aggressive marketing, while important in itself, would need to be backed by impeccable quality control standards so as to create a sustainable demand for Indian products abroad."

"India's GDP growth is 7.6 percent and as it is projected to be 7.7 and 7.9 percent in the coming years, we need not feel disadvantage because India is enjoying today the highest growth rate in the major economies of the world. Therefore, this growth momentum is definitely strong positive signals," he added.

On the issue of Foreign Direct Investment (FDI), he said, "Globalization brings with it both opportunities and challenges. We must realign ourselves and our processes to the changing dynamics to seize the opportunities and address the challenges. The role of Government is to provide an enabling eco-system but it is for all of you to put your weight on the ground. FDI is an important indicator of the faith that overseas investors repose in a country."

He said that the exchange rate were an important factor in export competitiveness. In spite of rupee depreciation in 2015, there had been no surge in Indian exports, as other currencies also depreciated against the dollar. "Foreign producers whose exchange rates depreciated more became even more competitive than us," he said.

The efficient logistics is crucial to competitive exports. He said, "Around 95 percent of India's trade by volume and 68 percent in terms of value are transported by sea. It is important for the exporting sector to have access to port facilities of international standards and better connectivity with the hinterland in order to reduce turnaround times."

He however made it clear that the Government is firmly committed to healthy fiscal management and has initiated a number of measures to promote exports of goods and services.
 
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