India’s export industry good compared to global counterparts, Rita
Indian industries have survived to maintain and also raise their exports market share in almost all sectors, at a time when many global economies’ are having a tough time and are experiencing a decrease in exports, said Union Commerce Secretary Rita Teaotia. She also said that, “it is not just India that has seen a fall in exports, China last month reported 25 per cent fall in exports. Europe, US, (in) all countries the demand has contracted, this is the situation.” Teaotia was speaking to reporters after a meeting with state government official and exporters. She also pointed out that price realization has given hopes that commodity price will start to improve and it will help strengthen the global economy. She pointed out how the pharmaceuticals and jewellery have seen great development in exports. The pharma sector has been continually doing pretty well and has increased its market share in exports across the globe. Matching the pharma sector’s share, the textile sector and the gems and the jewellery sector have also remained strong. However, Teaotia pointed out her concerns about the export figures of India last year and how that has been a bit of concern to the ministry. "The commodity prices have hardened throughout the world, what we are seeing is of course a sharp fall in petroleum prices which is all good for India, but also we have been seeing a sharp fall in the prices of other commodities,” she said. She also spoke about how currency devaluation has affected the competitiveness of Indian products and how there has been a shrinkage of demand in the global economy. Teaotia said that issues that were discussed at the meeting with respect to the State Government had to do with tax refunds, stamp duty and land availability among other things.
March 23, 2016 | 05:10pm IST
to success.