India's growth is private sector driven: Kamal Nath
India's growth is guided by domestic investment and led by private-sector and not public-sector, Union Commerce and Industry Minister Kamal Nath, said on Monday.
By PTI |
MUMBAI: India's growth is guided by domestic investment and led by private-sector and not public-sector, Union Commerce and Industry Minister Kamal Nath, said on Monday.
"India's growth is more due to private sector," Kamal Nath told reporters on the sidelines of 33rd and 34th Chemexcil annual export awards function here today.
India has about USD 240 billion foreign exchange reserves, which is 25 per cent of our GDP, he said.
Foreign direct investments at USD 15.5 billion have shown a jump of whopping 700 per cent over an year earlier, Nath said.
Exports, which were considered as a foreign exchange earning activity, have become employment-generating activity, he said.
Exporters have been impacted negatively because of the rising rupee against the US dollar. Nath assured that the Union Government is looking at various proposals to reduce the impact of rising rupee.
"The problem faced by exporters due to the nose-diving of Indian rupee has been resolved to a considerable extend by me.
"However, some more remained to be done to resolve the sufferings of Chemical exporters who have lost heavily during export realisation due to the strengthening of rupee. I will try to resolve the same as far as possible," he said.
Currently, chemical exporters do not get relief on service tax paid on foreign agents, overseas travel, participation in trade fairs and banking services, the Union Minister has agreed to look into it.
For the current year, Nath said, "We have set an export target of Rs 13,100 crore for dyes and dye intermediates, Rs 10,900 crore for basic inorganic, organic and agrochemicals, Rs 2,850 crore for cosmetics, toiletries and agarbattis and Rs 1,250 crore for castor oil, which would register a growth rate of 20 per cent over Rs 23,408 crore for 2006-07."
About the Indian chemical industry's growth, Nath said, today, India has emerged as a global supplier of dye stuffs and dye intermediates, particularly for reactive, acid, vat and direct dyes.
India accounts for approximately six per cent of the world production. The world market of dyes, pigment and intermediates to be around USD 23 billion, with the dyes and pigment market of 1.3 MT valued at USD 16 billion and the dyes intermediate at USD 7 billion.
Indian dye stuffs accounted for almost 8 per cent of the global share. The current export of dyes and pigments is of the order of Rs 3,500 crore, Nath pointed out.
While complementing the council, Nath said, "CHEMEXCIL has implemented and completed a host of export promotional activities, which have resulted not only in enhancing exports, but also in creating awareness in the international market.
Likewise, the educative seminars/buyer-seller meets organised by the council in various regions has also created awareness amongst the member-exporters."
"India's growth is more due to private sector," Kamal Nath told reporters on the sidelines of 33rd and 34th Chemexcil annual export awards function here today.
India has about USD 240 billion foreign exchange reserves, which is 25 per cent of our GDP, he said.
Foreign direct investments at USD 15.5 billion have shown a jump of whopping 700 per cent over an year earlier, Nath said.
Exports, which were considered as a foreign exchange earning activity, have become employment-generating activity, he said.
Exporters have been impacted negatively because of the rising rupee against the US dollar. Nath assured that the Union Government is looking at various proposals to reduce the impact of rising rupee.
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"The problem faced by exporters due to the nose-diving of Indian rupee has been resolved to a considerable extend by me.
"However, some more remained to be done to resolve the sufferings of Chemical exporters who have lost heavily during export realisation due to the strengthening of rupee. I will try to resolve the same as far as possible," he said.
Currently, chemical exporters do not get relief on service tax paid on foreign agents, overseas travel, participation in trade fairs and banking services, the Union Minister has agreed to look into it.
For the current year, Nath said, "We have set an export target of Rs 13,100 crore for dyes and dye intermediates, Rs 10,900 crore for basic inorganic, organic and agrochemicals, Rs 2,850 crore for cosmetics, toiletries and agarbattis and Rs 1,250 crore for castor oil, which would register a growth rate of 20 per cent over Rs 23,408 crore for 2006-07."
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About the Indian chemical industry's growth, Nath said, today, India has emerged as a global supplier of dye stuffs and dye intermediates, particularly for reactive, acid, vat and direct dyes.
India accounts for approximately six per cent of the world production. The world market of dyes, pigment and intermediates to be around USD 23 billion, with the dyes and pigment market of 1.3 MT valued at USD 16 billion and the dyes intermediate at USD 7 billion.
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Indian dye stuffs accounted for almost 8 per cent of the global share. The current export of dyes and pigments is of the order of Rs 3,500 crore, Nath pointed out.
While complementing the council, Nath said, "CHEMEXCIL has implemented and completed a host of export promotional activities, which have resulted not only in enhancing exports, but also in creating awareness in the international market.
Likewise, the educative seminars/buyer-seller meets organised by the council in various regions has also created awareness amongst the member-exporters."
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