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Growth in exports reflects healthy economy, Kamal Nath

Apr '07
India's share of merchandise exports in GDP is higher than the US and Japan, said Mr. Kamal Nath, Union Minister of Commerce and Industry, Government of India at the National Conference on Foreign Trade Policy and Procedures organised by the Confederation of Indian Industry (CII).

Growth in exports Mr. Kamal Nath said points to the health of the economy and the world is increasingly taking notice of Indian Industry.

Mr. Kamal Nath highlighted that India's macro economic fundamentals are sound – India's total exports of goods and services for the last year were US$ 196.23 billion and the trade deficit (for both goods and services) is US$ 16.14 billion.

To take India's exports to higher levels, Mr. Kamal Nath pointed out that the Annual Supplement has emphasized the Focus Market Scheme and the Focus Product Scheme, which would enable the diversification of markets and products.

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Announcing the new initiative of the Government on setting up Food Parks, the Minister said “ Agriculture is the key focus area of the government as 650 million people are dependent on the agricultural sector”.

To this end, “ The Government is promoting food parks but won't get directly involved in running them and would do only the initial handholding”, said the Minister. “Today agriculture has to transform from subsistence to commerce”, said Mr. Nath. “India must become an important Agricultural exporter."

Mr. Kamal Nath highlighted that FDI inflows into India have jumped almost three times in the last 2 years – in 2005 FDI was US$ 5.5 billion and in 2006 it rose to US$ 16 billion. For the year 2007-08, Government of India has targeted US$ 25 billion in FDI.

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