'India needs to strategise plans in wake of changing scenario'
Indian exporters need to tap new trade opportunities in countries in Africa and must prepare to face competition from other South East Asian countries to sustain export growth, Commerce and Industry Minister Kamal Nath said on Friday.
By PTI |
BANGALORE: Indian exporters need to tap new trade opportunities in countries in Africa and must prepare to face competition from other South East Asian countries to sustain export growth, Commerce and Industry Minister Kamal Nath said on Friday.
India is witnessing new competition from countries like Vietnam, a resurgent Phillipines and Indonesia, he told exporters at a meeting organised by the Federation of Indian Export Organisation and Federation of Karnataka Chambers of Commerce and Industry here.
Besides, there are opportunities in the form of opening of new markets like that of Africa, which needs to be tapped, he said.
The country has fixed an export target of $160 billion for 2007-08 fiscal.
"There is a great transition taking place and we have to plan for the future", Nath said, adding that "the challenges of the past are different from the challenges of the future and the past is no model for the future."
He said from a country that was focusing only on attracting FDI, India has now turned to actively investing in countries abroad. "The shoe has begun moving on to the other foot", he said. The winds of change have begun blowing down from the Atlantic Ocean to the Indian Ocean, creating a new global economic architecture.
The slowdown in the US economy, he said did not really have to impact India, because it was not a coupled economy to be decoupled. "Our growth is domestic market driven, not export driven," he said.
India is witnessing new competition from countries like Vietnam, a resurgent Phillipines and Indonesia, he told exporters at a meeting organised by the Federation of Indian Export Organisation and Federation of Karnataka Chambers of Commerce and Industry here.
Besides, there are opportunities in the form of opening of new markets like that of Africa, which needs to be tapped, he said.
The country has fixed an export target of $160 billion for 2007-08 fiscal.
"There is a great transition taking place and we have to plan for the future", Nath said, adding that "the challenges of the past are different from the challenges of the future and the past is no model for the future."
He said from a country that was focusing only on attracting FDI, India has now turned to actively investing in countries abroad. "The shoe has begun moving on to the other foot", he said. The winds of change have begun blowing down from the Atlantic Ocean to the Indian Ocean, creating a new global economic architecture.
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The slowdown in the US economy, he said did not really have to impact India, because it was not a coupled economy to be decoupled. "Our growth is domestic market driven, not export driven," he said.
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