Wednesday, Dec 29, 2004
Wednesday, Dec 29, 2004 |
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By Our Special Correspondent
The Union Minister for Commerce and Industry, Kamal Nath, with the President of FICCI, Y. K. Modi (left), and the President-elect, Onkar S. Kanwar, at the annual general meeting of the chamber in New Delhi on Tuesday. — Photo: Ramesh Sharma
NEW DELHI, DEC. 28. Promising more exporter-friendly policies soon, the Union Minister for Commerce and Industry, Kamal Nath, said here today that external trade could play a crucial role in stepping up India's overall growth rate. Export-led growth could help create 25 million jobs in the manufacturing sector by 2015, he added. Addressing one of the annual general meeting sessions of the Federation of Indian Chambers of Commerce and Industry (FICCI), Mr. Kamal Nath called upon the industry to ensure inclusiveness of the growth process by focusing on labour-intensive industries such as apparel and footwear as well as skill-based industries such as computer hardware and consumer industries, adding that India could become a major off-shore base for this sector. To the exporters, the Minister said that he was for making the duty-neutralisation and export promotion schemes more effective and was prepared to look into the bottlenecks faced by exporters.
Bill on SEZs soon
The Bill on Special Economic Zones was on the anvil, he added. According to the Minister, the comprehensive Foreign Trade Policy announced earlier this year had set the benchmark for reforms in the foreign trade sector with a clear strategy to make India a global hub for manufacturing, trading and services. Referring to the phase-out of the Multi Fibre Arrangement with effect from January 1, 2005, Mr. Kamal Nath reiterated that dismantling of textile quotas would create a unique opportunity for India. Besides, it was expected that some multinational corporations would build bases in India as an alternative to China.
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