labels: Economy - general
Indian economy increasingly integrating with global economy: Kamal Nath news
11 March 2008

Union minister of commerce and industry Kamal Nath today said that the Indian economy was increasingly getting integrated with the world economy and India's share in global exports had increased from 0.7 per cent in 2001 to 1 per cent in 2006.

Inaugurating the 77th annual general meeting of the International Chamber of Commerce (ICC) on "Global Economic Outlook: Impact on Asia", in New Delhi today, he said India's trade as a percentage of GDP had increased from 14.6 per cent in 1990-91 to 21.2 per cent in 2000-01 and further grown to 34.9 per cent in 2006-07.

"Indian merchandise exports have witnessed a sustained high growth rate of more than 20 per cent per annum during the 10th Plan. Exports reached a level of $126.3 billion in 2006-07 registering a growth rate of 22.5 per cent over the previous year.

"Against the target of $60 billion for the year 2007-08, exports reached a level of $111.1 billion during April-December 2007. With the present trend growth, exports during the current year are expected to reach a level of $152-155 billion," Nath said.

In view of the current international situation Nath said that there was a need for a new architecture of international relations, which should be based on trust and mutually beneficial integration. With economic power of the emerging markets accounting for a larger share of global GDP, China, India, Brazil, Russia and other crucial players need to be brought to the table of international policymaking.

While commending the role of ICC, the minister stated that ICC promotes an open international trade and investment system and the market economy. He further stated that the high growth of Indian exports during recent years has been possible due to concerted efforts made by the government to reduce trade barriers, bring down transaction costs and facilitate trade accompanied by a favourable international environment.

Quoting the World Bank publication Doing Business 2008, he said that India had been rated as the top reformer in the Trading Across Borders in 2006-07.

Nath emphasized that the agenda for world trade negotiations needed to be more receptive to the needs and sensibilities of the developing countries and LDCs, and added that agriculture should remain at the heart of the negotiations since the livelihood concerns of more than a billion resource-poor farmers depend on it.

He further added that a delicate balance between the defensive agenda on agriculture and the relatively offensive agenda on Services and NAMA.


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Indian economy increasingly integrating with global economy: Kamal Nath