Exports on the back foot: Montek

PUNE, Dec 6: Member of the Planning Commission Montek Singh Ahluwalia today called for major modernisation of export procedures in the co...

PUNE, Dec 6: Member of the Planning Commission Montek Singh Ahluwalia today called for major modernisation of export procedures in the country describing it as one of the most prioritised area that country should look into.

Speaking at the convocation ceremony of Symbiosis Institute of Foreign Trade, the former finance secretary lamented that during the last few years the exports from the country have been disappointing.

“All this has happened because we are not focusing our efforts in the exports front,” he said adding that

the existing exports procedure was archaic and simply not suitable for the modern age.

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He said, “we must have a major look at the entire support structure for exports if we really want to clear the hurdles in promoting the exports seriously”.

The noted economist came in for full support to the foreign direct investment (FDI) in the country saying that opening to FDI will facilitate direct access to foreign markets and also to other forms of capital like borrowing.

While emphasising the need to bring in best technology in the country, he said FDIs will help in smoother transmission of technology of all kinds such as management technologies and software which cannot be imported through the conventional channels.

Ahluwalia strongly advocated the access to new technology saying that besides aquiring the latest technology it was equally important to distribute the resources thinly in order to become a major player in the field of technology.

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“We must allow the bringing in of modern technology in the country as it will help the domestic producers to manufacture products at par with the international standards,” he observed.

Speaking about the globalisation of the financial markets, Ahluwalia observed that no country in the world could afford to remain away from the globalisation process.

“Under such circumstances the key to success lies in opening the trade. Thisintiates the process of making necessary changes and to concentrate the efforts in competing in domestic as well as international markets,” he remarked. Later, Ahluwalia gave away degrees to the successful students of the institute.