12 per cent growth possible
Kolkata: The country can achieve a 12 per cent annual growth rate in exports and achieve 1 per cent share in global trade by 2007 as set by the government, believes director-general of the Indian Institute of Foreign Trade, and former commerce secretary Prabir Sengupta. He was speaking at the export summit organised by the Confederation of Indian Industry Eastern region here on Tuesday. Sengupta has said the country’s share of gross national income in global income has gone up to 1.4 per cent during 2001-02 compared to 1.35 per cent two years ago. This amply proves that the country has the potential to grow provided it can take a course which neither accepts “globalisation phobia” nor the “globalisation panacia”. “Our trade policy makers should keep in mind our national interests,” he said. CII’s senior policy adviser TK Bhaumik has said liberalisation has helped the country’s export economy to grow. Export to GDP ratio crossed 11 per cent during 2002-03 for the first time against only 5 per cent during 1980. On the other hand, exports grew by 18 per cent last fiscal compared to 6 per cent globally. Moreover, the country is in possession of the second largest forex reserves, only after China despite an overall negative trade balance. However, domestic growth will call for more imports and put some pressure on forex reserves, he has predicted.
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Bengal to revise incentive scheme
Kolkata: West Bengal will formulate an export policy and announce a revised incentive scheme in a month to boost exports, says commerce and industries minister Nirupam Sen. Sen announced these policy initiatives at the inaugural session of the two-day export summit organised by the CII here on Tuesday. West Bengal’s share in the country’s exports has increased from 5.7 per cent during 1999-00 to 6.9 per cent during 2000-01 and the state plans to increase it to 9 per cent, the minister has said. The basic postulates of the export policy will be to increase the state’s share in exports to 9 per cent during 2006-07 from the level of 6.2 per cent during 2001-02; set up a state export promotion council involving different export promotion councils, industry chambers, commodity bodies etc; set up a commerce cell in the directorate of industries; strengthen board of trade; simplify procedures to accelerate the pace of disposal of various clearances required by exporters; allow round-the-clock movement of export cargo within Kolkata; introduce market information service for exporters; adequate strengthening of infrastructure for export promotion; provide land to manufacturer exporters in export promotion parks and growth centres; and to set up a trade fair complex in the city.
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