RECORD EXPORT GROWTH IN 2000-2001
MARAN CONFIDENT OF ACHIEVING 18 PER CENT GROWTH
Date : 31 Mar 2001
Location : New Delhi
India's export growth in the first 11 months (April-February) of the financial year have registered a record rate of growth which is nearly doubled the rate of world exports. Announcing the Exim Policy at a press conference here today, Shri Murasoli Maran, Union Minister of Commerce & Industry, said: "The 20% growth for the merchandise exports (I repeat merchandise exports because contrary to general impression it does not include software or any other services) in dollar terms is something creditable indeed. I would, therefore, like to take this opportunity to compliment our exporters who have made this achievement possible despite the several handicaps they continue to face.
Some of the contributory factors are the spectacular 5% growth of world economy – its highest in the last 16 years – and the revival of South East Asian economies. These factors, however, need not detract from the hard performance put in by our exporters in tapping new markets, bagging fresh orders and meeting delivery schedules. I would like to believe, and most exporters would agree with me, that the conducive environment created by the policy instruments of the Government has also played its due role, which cannot be undermined". The Minister also said he was confident of attaining the 18% export target for the current financial 2000-2001 despite the apprehended slow down the world's biggest economies, the US and Japan which accounted for 46% of the world output. Noting that there were supply constraints, higher transaction costs etc. which were yet to be addressed fully and satisfactorily, Shri Maran said that exports should be regarded as an integral part of development effort -- not just as a residual activity. This should help in developing greater confidence in our capabilities. But there are some dark clouds on the horizon – I mean the demand constraints beyond our control like the apprehended slowdown of the two biggest economies, the USA and Japan, which account for 46% of the world output. "Therefore, time has come for the replacement of export pessimism and anti-export bias, followed during so many years, with export consciousness immediately and export-led growth ultimately", the Minister.