In fiscal 2008-09, total export proceeds realised stood at less than US$ 170 billion, US$ 5 billion lesser than the revised targets. However, the ASSOCHAM also holds that input costs would further reduce because of stiffer competition and manufacturing will pick up especially capital goods industry registering a growth of nearly 20% in fiscal 2009-10.
According to Mr. Jindal, further recovery will take place not only in steel, cement, automobile and engineering sector but India's food processing industry will grow reasonably as value addition to it will grow faster with focus on processing. Its reflection will become visible in 2010-11 in which India's growth especially on export front will multiply because it will by then emerge a stronger economy to give tougher competition in Indian sub-continent including China.
However, the assessment of the ASSOCHAM concludes that since from all angles, 2009-10 will be tougher not only India's exports will suffer but its overall GDP growth will shrink, posing tough challenge to policy makers to come out with policy packages for industry to keep it immune from global shocks.
The Associated Chambers of Commerce and Industry of India (ASSOCHAM)
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