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Exports must double to get 1% global trade
March 13, 2003 16:49 IST
Director General of Foreign Trade said on Thursday that India will have to double its exports to $80 billion while maintaining a growth rate of 12 per cent in order to increase its share of global trade to one per cent by 2007.
"Prima facie, the target of achieving one per cent of global trade is ridiculously low particularly for a country of the size of ours," DGFT Lalit Mansingh said at an interactive meeting of Federation of Industries of India on Exim policy in New Delhi.
The country's exports have to grow at the rate of 12 per cent annually, he said, adding in the face of global recession and depression in the US markets and the domestic market, exports have done fairly well.
"We can face the challenges of international competition with a sense of confidence. International competitiveness is must for the survival of the manufacturing sector, which is actually linked to national security," he said.
Assuring the industry about continuation of DEPB (Duty Exemption Pass Book) scheme till April 2003, Singh said the Directorate was considering "harmonisation" of the scheme with the drawback scheme in view of the DEPB coming under attack from several European and American countries on issues of countervailing duty.
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