EXPORT TARGET SET AT US $ 49 BILLION FOR 2001-2002, ENVISAGING GROWTH RATE OF 12 PER CENT
Date : 13 Jul 2001
Location : New Delhi
The government today announced an export target of US $ 49.7 billion, envisaging a growth rate of 12 per cent for the financial year 2001-2002. This target for India's merchandise exports has been fixed after extensive consultations with various Export Promotion Councils (EPCs) and Commodity Boards and takes into account the performance of the last financial year as well as an assessment of the trends during the current year.
As part of the exercise of fixing the export target for 2001-2002, a series of consultative meetings were held since March 2001 with various EPCs and Commodity Boards to ascertain their views on the likely export prospects for the year 2001-2002 and strategies proposed by them to step up exports in the light of their assessment of the economic outlook. The target is thus based on the projections made by EPCs and Commodity Boards for their respective sectors. Amongst the various sectors which are expected to show significant growth this year are chemicals & related products; ores & minerals; electronic goods; petroleum products; project goods; leather & leather manufactures; and some agricultural & allied items. In respect of the textile sector, the target is fixed at US $ 13.7 billion, projecting a growth rate of 13.4 per cent.
Last year, merchandise exports from India were valued at US $ 44.3 billion and due to various measures undertaken by the Department of Commerce as well as the favourable international economic climate, the target for the year 2000-2001 was exceeded. Shri Murasoli Maran, Union Minister of commerce & Industry, at his interaction with leading exporters and EPCs earlier this week urged the exporters to strive for achieving at least one per cent share of global trade while assuring them of the government's full support in overcoming constraints that might be coming in the way of export. He also assured that the government would do its best to provide support for export promotion under the new scheme of Market Access Initiative.