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Journalism of Courage
The government formed a group of top bankers and industrialists,including SBI chief OP Bhatt,Ashok Leyland MD R Seshasayee and Hero group chief Pawan Munjal,to advise it on raising India’s export competitiveness and doubling overseas shipments in the next three years.
The decision was taken at a high-level Board of Trade (BoT),comprising top industrialists,bankers,export promotion councils and government officials,which met here under the chairmanship of Commerce and Industry Minister Anand Sharma.
“This has been a comprehensive review. We have decided to set up a working group. In three months time,the group is going to submit a report on thrust areas (like) to increase India’s export competitiveness and also manufacturing capacity,” Sharma said.
The working group members,which have been selected from the BoT,include Bhatt,Munjal,Seshasayee ICICI CEO and Managing Director Chanda Kochhar and Kiran Mazumdar Shaw of Biocon.
“This has been a comprehensive review,” Sharma said after the BoT meeting.
He said that the group would give “focused inputs,recommendations which would even embrace policy and institutional changes”.
The government has set a target to double the export to USD 400 billion in the next three years.
Sharma said Indian exporters have been developing new markets as a conscious effort after the economic crisis had hit the traditional destinations. The US and the EU are among the largest traditional markets for the Indian exports.
Asked about the export performance in 2010-11,Sharma said,”I am sure that we will be able to cross the target (of USD 200 billion this fiscal) which we have set for ourselves.” Commenting on the third sectoral review,the minister also said that the Department of Foreign Trade (DGFT) is carrying out the exercise with all the industry bodies and export promotion councils and is expected to complete it by December.
“Thereafter we will decide which are the sectors that need intervention and support…demand is still weak in the US and Europe,” he said.
Sectors like handicrafts,tea,tobacco and cashew are still in the red.
On the progress of the task force to reduce transaction cost for the exporters,the minister said that notifications are likely to be issued soon.
