India is committed to a globalised economy, which offers enormous opportunities for growth and development compared to the several, challenges it poses, minister of commerce and industry Anand Sharma said.
Addressing the Economic Editors' Conference in New Delhi, he said the government is well aware of the several challenges it poses and has been vigilant of the danger of dumping of cheap imports by certain countries.
He said the government has issued directions to the Directorate of Anti Dumping and Safeguards to initiate proceedings wherever necessary to protect the genuine interests of domestic industry. "These are undoubtedly challenging times for the exporting community but the government is fully committed to do all that is required for giving a push to our exports," he said.
India is now better integrated with the global economy with its trade - both merchandise and service - constituting over 54 per cent of its gross domestic product, he said.
This has been achieved in a short span of time. Between 2003-04 and 2008-09 the country's gross exports and imports have risen from 30.9 per cent of GDP to 54.2 per cent of GDP, official data released today showed.
On a stand-alone basis, the country's merchandise trade as a percentage of its GDP increased from 23.7 per cent in 2003-04 to 41 per cent in 2008-09, data showed.