NEW DELHI: There is a need to accelerate export growth to reach the
export target of US 1 trillion in the next 5 years and the Report of the
High-Level Advisory Group shows the way in which this goal can be
achieved. This was stated by Mr Piyush Goyal, Hon'ble Minister for
Commerce & Industry and Railways, Government of India at a Session
to Release of the High-Level Advisory Group Report. The session was
organized by the Confederation of Indian Industry (CII) in cooperation
with the Department of Commerce, Ministry of Commerce and the Centre for
WTO Studies in New Delhi.
The Minister stated that there was a need to look at the ways
addressing the high cost of capital and the high taxation levels in the
Indian Economy. He noted that the Government had already acted upon the
latter based on the Group's interim report and the Finance Ministry had
reduced the corporate tax rates.
The Minister also highlighted the need to diversify India's service
exports so that we were not always dependent on IT / BPO exports. In
addition, he stated that the fear of FTA's needs to go and India needs
to negotiate FTAs as a win-win situation for both sides. He stated that
there was also a need to promote manufacturing in the Country and
develop economies of scale.
Dr Surjit Bhalla, Executive Director - Designate for India to IMF &
Chairman, HLAG stated that India had missed the path to accelerate
exports growth in the past and the recommendations of the report were
designed to ensure that we did not miss this opportunity again. He also
stated that India's strength lay in the Financial Sector and there was a
tremendous opportunity to increase our exports of financial services.
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