Exports Earnings may Boost States’ Revenues

Focus product to a Focus Market’, should be the orientation of India’s trade policy, said Mr Kamal Nath, Minister for Commerce and Industry, Government of India. Indian exporters should look for new markets, markets hitherto unexplored like the countries of East Europe and the CIS countries.

He was speaking in the session- “Interactive Session on Foreign Trade Policy and Procedures 2008-09” organized the Confederation of Indian Industry (CII). The minister said that the annual supplement to the foreign trade policy has laid the ground for targeting 5% of world trade share by 2020.

Mr. Nath complimented the Indian industry for the resilient effort on the face of adverse domestic and international economic condition. He noted that the rupee appreciation over the last one year and the slowdown of the US economy have dented Indian exports in the recent times.

Nevertheless, the minister declared that it might be a sense of achievement for the Indian industry but for him it is sense of fulfillment as exports have grown from $64 billion to $155 billion of exports expected by the end of the fiscal 2008-09.

Source: Confederation of Indian Industry