The sustained high growth rate of merchandise exports at more than 20 per cent during the last four years is more than twice the current growth of Gross Domestic Product (GDP).
“This has been possible as a result of stable policy framework provided by the Trade Policy and a continuous, conscious & concerted effort by the Government to reduce trade barriers, bring down transaction costs and facilitate a favorable international environment”, notes the Annual Report of Ministry of Commerce & Industry (Department of Commerce) which was released recently.
After crossing the landmark figure of US $ 100 billion in 2005-06, exports in the current year touched US $ 89 billion during the first three quarters (April-December 2006). During the last few years, the rising competitiveness of some of the sectors like engineering goods (auto parts) and high commodity prices (petroleum and metals) have been the driving force for high sustained growth of exports.
The Annual Report mentions the several benefits that accrue from the Special Economic Zones (SEZs). The SEZ policy aims at generating greater economic activity and employment by providing a stable, transparent and efficient policy framework for establishment and running of SEZs.
The main objectives of the SEZ Act are; generation of additional economic activity, promotion of exports of goods and services, promotion of investment from domestic and foreign sources, creation of employment opportunities and, development of infrastructure facilities.
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