India gears up for higher exports
The Indian government has established five monitoring committees for the five thrust sectors for exports. The sectors were identified in the National Foreign Trade Policy in August this year and include agriculture, handcrafts, handlooms, gems and jewellery, leather and footwear.
The committees would gather once a month to monitor progress and predict bottlenecks. They would comprise representatives of trade and industry, experts and senior officials from concerned ministries. Kamal Nath, Commerce and Industry Minister, has also announced a Task Force scheme, designed to reduce transaction costs and procedural simplifications.
The Indian government is currently negotiating trade agreements with Asean, Mercosur and Safta (South Asia Free Trade Agreement) in pursuing an aggressive policy of developing a wide net of partnerships.
Meanwhile, the Indian manufacturing sector continues to be buoyant and has reported good growth figures for the April-September 2004 period, compared to the same period in 2003. Recent surveys conducted by the CII (Confederation of Indian Industry) and the FICCI (Federation of Indian Chambers of Commerce and Industry) reveal that the sector is doing well domestically and globally.
Out of the total 134 sectors reporting production, 33 recorded an excellent growth rate of 10-20%, 43 registered moderate growth rate of 0-10% and 15 reported negative growth. Figures for 2003 were a lot less optimistic.
