India doing well in export sector: Official

PUDUCHERRY: India was doing well in the export sector and would undoubtedly achieve its target set in the sector for the 2008-09 fiscal, but should guard against any complacency, according to a top official in the commerce ministry.

"We should not be complacent and make necessary preparations to guard against any eventuality," Dr Ponnu Konnu, senior economic advisor to the commerce ministry said.

He said globalisation has brought about new challenges to the country and India was following a calibrated and well measured approach in implementing the reforms process.

Under the circumstances, the role of insurance companies was more important as only 10 per cent of exports at present were being covered by insurance, he said, inaugurating a two day national conference yesterday on "Export credit and insurance and its contribution to India's exports: opportunities and challenges."

The conference was organised by the department of commerce of the school of management of Puducherry University.

The University Vice-chancellor J A K Tareen said the role of insurance companies was crucial to enable exporterstackle any crisis of payment situation.

India should establish its own brand as a guarantee of quality of its goods exported. The country already has a reputation and with the country emerging as a leading economy, the concerns and grievances of exporters should be addressed quickly, he said.