CII suggests twin strategy to make exports inclusive
Confederation of Indian Industry has suggested a twin strategy of focusing on manufacturing sectors - textiles, leather, gems & jewellery and engineering.
By INDIATIMES NEWS NETWORK |
MUMBAI: Confederation of Indian Industry has suggested a twin strategy of focusing on manufacturing sectors - textiles, leather, gems & jewellery and engineering, and a renewed focus on two large markets of Latin America & Caribbean and Africa to make the benefits of export growth dispersed across India. This is in line with the Commerce Minister Kamal Nath's vision of making exports an engine for inclusive growth.
In a policy paper titled "India Export Series - Sectoral Analysis", CII said that in these four sectors India needs to be among the top three exporters in the globe, which accounts for more than 50 per cent of India's current export basket.
For achieving this there is a need for a combination of policy initiatives; technology infusion; infrastructure improvement especially freight lines and ports; access to newer markets; innovation in product development and improvement in scale of production. Since SME units dominate these sectors, CII calls for regular guidance and support to SME units to improve their efficiency.
While noting that diversification has been achieved in India's export destinations in recent years, the CII called for a 'strategic push' in two big markets of Africa and LAC countries. Currently India satisfies just 3.5 per cent of Africa's import demand and just 0.7 per cent of import demand of LAC countries. It is of the view that these shares can easily be doubled with minimum efforts in 2-3 years.
CII expects India's exports to reach $500 billion by 2013, if the past growth trend continues. The exports for fiscal 2007-08 are expected to $155-160 billion from $126 billion in 2006-07. The Foreign Trade Policy (2004-09) expects India's exports to reach $200 billion by the year 2008-09.
In a policy paper titled "India Export Series - Sectoral Analysis", CII said that in these four sectors India needs to be among the top three exporters in the globe, which accounts for more than 50 per cent of India's current export basket.
For achieving this there is a need for a combination of policy initiatives; technology infusion; infrastructure improvement especially freight lines and ports; access to newer markets; innovation in product development and improvement in scale of production. Since SME units dominate these sectors, CII calls for regular guidance and support to SME units to improve their efficiency.
While noting that diversification has been achieved in India's export destinations in recent years, the CII called for a 'strategic push' in two big markets of Africa and LAC countries. Currently India satisfies just 3.5 per cent of Africa's import demand and just 0.7 per cent of import demand of LAC countries. It is of the view that these shares can easily be doubled with minimum efforts in 2-3 years.
CII expects India's exports to reach $500 billion by 2013, if the past growth trend continues. The exports for fiscal 2007-08 are expected to $155-160 billion from $126 billion in 2006-07. The Foreign Trade Policy (2004-09) expects India's exports to reach $200 billion by the year 2008-09.
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