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India needs to create an export culture, say experts

Monday, July 09, 2018
By A Business Reporter

Vijay Kalantri, Vice Chairman, MVIRDC World Trade Centre Mumbai and President, AIAI felicitating Krishanlal Dhingra, Regional Chairman (WR), EEPC India.

“Over the years, we have diversified export destinations and basket. From 45% share of US and EU in the year 2000, it has now come down to 30%. The share of emerging markets is 50% today. But quick, short-term fixes are not helping much. We need to create an export culture, address fundamental issues like shortages of transport network, logistics, energy, bring down transportation costs, improve ease of doing business and constantly review our FTAs”, said Dr. Rupa Rege Nitsure, Group Chief Economist, L&T Finance Holdings at the Panel Discussion on ‘How to Revive Stagnant Exports’. The discussion was organized by World Trade Centre Mumbai & All India Association of Industries (AIAI) in association with Business Standard at World Trade Centre, Mumbai on July 6, 2018.

Dr. Rege said, “Export deceleration has been significant in the past five years. Both traditional and non-traditional exports have weakened. Traditional export growth has reduced from 14% in the decade ending FY12 to 0.4% in the current year, while non-traditional export growth has come down from 21.5% to 4.7%. When export deceleration is accompanied with worsening of trade balance and high Current Account Deficit, we go for liberalizing FDI in debt, costly NRI deposits or sovereign bonds. To promote exports, we come out with sops, subsidies, interest subvention etc. But these do not help to revive exports on a sustainable basis”.

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