'India seeks 4% of global trade by 2020'

MANGALORE: With the volume of global trade being projected to be $2480 billion in 2020, India has set an ambitious target of achieving a share of four percent of global trade by then, said Uni

Published: 14th February 2012 02:46 AM  |   Last Updated: 16th May 2012 05:55 PM   |  A+A-

MANGALORE: With the volume of global trade being projected to be $2480 billion in 2020, India has set an ambitious target of achieving a share of four percent of global trade by then, said Union Minister for Corporate Affairs M Veerappa Moily.

   Speaking at the after inaugurating the state’s first exporters convention, ‘Karnataka Exports Vision-2020’, at Dr T M A Pai International Convention Centre, here on Monday, he said: “A four per cent of the global trade volume means achieving a lot.”

   He said as on 2010, India stood 20th in merchandise trade in the world with a share of 1.4 per cent and was the 13th biggest importer with a share of 2.1 per cent. “In commercial services, India ranks seventh with 3.3 per cent of world’s share in both exports and imports.”

To ensure the expected growth, there is an urgent need to upgrade infrastructure, take up policy initiatives among others. The government policies envisages a strategy of export promotion with fiscal incentives, institutional changes, procedural rationalization, enhanced market across  the world and diversification of export markets, he added.

   Director General of Foreign Trade (DGFT) Anup Pujari delivering the keynote address said, “Whenever a commodity is produced, in order to export it to a foreign country, we should concentrate on high quality instead of just quantity.”

   Higher Education Minister Dr V S Acharya said without burning coal, power cannot be generated in coastal districts. Thus people should cooperate with the government, he stressed.

   Federation of Indian Export Organisations president Padmashree Rafique Ahmed was honoured on the occasion. MP Nalin Kumar Kateel and Deputy Speaker in the Assembly N Yogish Bhat were among the others present on the dais.

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