KAMAL NATH CALLS FOR ACHIEVING FORWARD AND BACKWARD LINKAGES FOR A POSITIVE IMPACT OF EXPORT GROWTH : GOLDEN JUBILEE OF CAPEXIL
Date : 01 Oct 2007
Location : New Delhi
Shri Kamal Nath, Union Minister of Commerce and Industry, has called for achieving forward and backward linkages for a positive impact of export growth on the national economy. He was speaking at the CAPEXIL’s Golden Jubilee and Export Awards function, here today. Earlier, Shri Somnath Chatterjee, Lok Speaker Speaker, inaugurated the function and appreciated the excellent work done by the exporters. While complimenting the export award winners, Shri Kamal Nath said: “I am aware that many products of Capexil have great employment potential as also the potential for higher asset growth. Along with increase in the export revenue, it would be in the overall national interest to concentrate on more employment generation and wealth creation for the country. Towards this end, Capexil should introspect and try to evolve a system whereby it can offer better services to the exporting community. It should be an information-based organisation and should disseminate information about the latest global developments so that members benefits by this value addition”.
Shri Kamal Nath stated that this year India is likely to achieve a GDP growth of 9% plus for the third year in succession. The manufacturing sector which is the main driver of the economy, continues to maintain a double digit growth rate and the figures available for the first three months of 2007-08 show that out of 101 sectors reporting production, 23 sectors recorded an excellent growth rate of more than 20% and another 27 sectors achieved a high growth rate of 10 – 20%, he added. The service sector has been growing in double digits over the last two years and it now constitutes 55% of our GDP, he further added.
Capexil has under its umbrella 16 different types of heterogeneous product groups namely Iron Ore and other Minerals, Natural Stone, Processed Minerals, Rubber, Auto Tyres, Paints, Glass, Plywood, Ceramics, Cement, Paper, Books, Bones, Ossein, Graphite, etc. These diversified groups are both a strength and weakness. Strength because if all the 16 groups are fully active then sky is the limit. The weakness lies in the fact that 16 different types of interests have to merge their sectoral interests into a common interest.