‘India to log $200 bn export’

June 17th, 2008 - 9:51 pm ICT by IANS  

New Delhi, June 17 (IANS) Despite missing the $160 billion merchandise export target for 2006-07, India will certainly achieve the goal set for this year, Commerce Secretary G.K. Pillai Tuesday said. As against the actual achievement of $155 billion in 2007-08, the target for India’s merchandise export has been set at $200 billion for the current fiscal.

“We are well on target,” Pillai told reporters on the margins of an international conference of the Kimberley Process Certificate Scheme (KPCS) here that was participated in by delegates from 34 countries.

Pillai’s optimism is in contrast to the apprehensions of leading business lobby -Federation of Indian Chambers of Commerce and Industry (Ficci) - in achieving the $200 billion target.

“Though too early to say, there is an increase of 32 percent in export in May. As per that, we are well on target,” Pillai said.

He said India was today one of the largest economies of the world, and this year its merchandise trade, including imports and exports, would exceed $400 billion, accounting for 1.5 percent of the world trade.

Referring to a study by the technical experts team for review and assessment of implementation of KPCS in the trading, Rahul Khullar, additional commerce secretary, said: “Improving the quality and ensuring transparency is an important challenge before the KP.”

KPCS is a joint government, industry and civil society initiative to stem the flow of “conflict diamonds” or illegally mined diamonds used by rebel movements to finance wars against legitimate governments. KPCS imposes extensive requirements on its members to enable them to certify shipments of rough diamonds as ‘conflict-free’.

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Business |