SME Times - Exports May Cross USD 170 Billion: Anand Sharma, Indian Exports Business May Cross USD 170 Billion, Indian Exports May Cross USD 170 Billion in 2009-10

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Saurabh Gupta | 27 Apr, 2010
Exports from the country during 2009-10 may cross USD 170 billion, when the final figures will come out, said Minister of Commerce and Industry Anand Sharma on Monday in New Delhi..

"As far as exports is concerned we have definitely consolidate trade and strengthen the growth in the last quarter of the financial year which has just ended and we would have made up for most of the losses because of the fall in exports for 13 consecutive months," Sharma told SME Times on the sidelines of an event, the Annual Intellectual Property Awards – 2010 on the occasion of World Intellectual Property Day.

".... and we would end the year with much less contraction in our global trade and merchandise then what was earlier," the Commerce Minister added.

When asked whether exports would cross the figure of USD 167 billion, he said, "I hope that it will cross USD 170 billion, but let us wait for the final number. As I am saying in percentage terms hopefully the contraction would be in single digit."

India has set an export target of USD 200 billion for the current fiscal, against an actual achievement of USD 155 billion during the previous fiscal.

Trade data further revealed that oil imports during April-September, were valued at USD 5.063 billion, which was 59.2 percent higher than such import worth USD 34.590 billion in the corresponding period last year.

During his address, the minister has also said that India will be required to play greater role in the field of Intellectual property for technology in clean development mechanism, adaptation and mitigation of climate change. The technology created in the times to come must be shared for the benefit of the world.

Sharma pointed out that India is below the global benchmark today in terms as patent applications from India declined 30% last year. On the other hand China, Japan, Singapore and South Korea filed larger patent applications in the backdrop of global financial crisis.

Towards the endeavour of mobilizing global intellectual collation in India, the government is coming up with National Innovation Council and the National Innovation policy is being framed, the Commerce Minister added.