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Shri Nath inaugurates 77th Annual General Meeting of ICC
12
Mar '08
Shri Kamal Nath, Union Minister of Commerce and Industry, has said that the Indian economy is increasingly getting integrated with the world economy. India's share in the world exports has increased from 0.7% in 2001 to 1% in 2006.

India's trade as a percentage of GDP has increased from 14.6% in 1990-91 to 21.2% in 2000-01 and 34.9% in 2006-07. This was stated by Shri Kamal Nath while inaugurating the 77th Annual General Meeting (AGM) of International Chamber of Commerce (ICC) India on the theme of “Global Economic Outlook: Impact on Asia”.

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

Against the target of US $ 160 billion for the year 2007-08, exports reached a level of US $ 111.1 billion during April-December 2007.

With the present trend growth, exports during the current year are expected to reach a level of US $ 152-155 billion”, Shri Kamal Nath said.

Keeping the current international scenario in view, Shri Kamal Nath said that there is 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.

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