EXPORTS TO CROSS US $ 50 BILLION MARK IN 2002-03: JAITLEY
Date : 31 Mar 2003
Location : New Delhi
India’s merchandise exports will cross US $ 50 billion mark this year (2002-2003), Shri Arun Jaitley, Minister of Commerce and Industry and Law and Justice, said here today while announcing the EXIM Policy. In rupee terms, exports of US $ 50 billion would amount to Rs 2, 42, 300 crore.
The Minister said that according to the provisional data, exports during April-February (2002-2003) have grown by 16.76 % in dollar terms and 18.8 % in rupee terms. Growth of exports from EOU, SEZs and erstwhile EPZ sector has been over 20% during this period. This growth has been contributed mainly by Textiles, Gems and Jewellery, Engineering products particularly Auto and Auto Ancillaries, Drugs and Pharmaceuticals, Chemicals and Agro Products. What is noteworthy is the significant contribution by high value-added manufacturing sectors. Moreover, sizeable growth is visible in India’s exports to major markets such as the United States, the European Union and South East Asia. This has been achieved in the face of global recession, particularly in the US market, following 9/11. "It not only shows the resilience of the Indian exporters but also underscores their growing confidence and competitiveness of Indian products. However, Lest we become complacent, let me caution that this growth has been achieved against the back-drop of near stagnation of exports in the earlier year. Hence, we have to pursue relentlessly our objective of improving our share of world trade", the Minister said.
In specific terms, exports during April, 2002 to February, 2003 amounted to Rs. 2,23,249 crores as compared to Rs. 1,87,876 crores during the same period in the previous year. Textiles contributed Rs. 45,509 crores as compared to Rs. 41,809 crores during the previous year representing a growth rate of 8.85% accounting for a share of 21.31% in the total exports. Gems and Jewellery contributed Rs.38,032 crores as compared to Rs. 30,453 crores in the previous year representing a growth rate of nearly 24.89% accounting for a share of 16.97%. Chemicals and related products contributed Rs. 32,805 crores as compared to Rs.27,518 crores with a growth rate of 19.21% and a share of 14.64%. Engineering goods contributed Rs. 31,152 crores as compared to Rs. 24,650 crores with a growth rate of 26.30% and a share of 13.90%. What is a matter of a particular satisfaction is that the export of agriculture and allied products contributed Rs. 18,907 crores as compared to Rs. 17,320 crores in the previous year with a growth rate of 9.16% and a share of 8.44%.