Government preparing package for exporters: Kamal NathNovember 17th, 2008 - 2:53 pm ICT by IANS
New Delhi, Nov 17 (IANS) The government is preparing a package to give exporters a “level-playing field” in the face of a decline in export growth rate with western economies going into recession, Commerce Minister Kamal Nath said here Monday.The Prime Minister’s Economic Advisory Committee would look at the issue of improving conditions for exporters at its meeting Monday evening, Kamal Nath told reporters on the sidelines of the World Economic Forum-India Economic Summit.
“We are going to review this and looking at various measures that can help sustain exports. We are working on this package because this situation was not there last month,” the minister said.
He admitted that there was a decline in the export growth rate. “There is a global economic gloom. There is a slowdown in the western economies, so there is bound to be a slowdown in exports,” he said.
Last week, Director General of Foreign Trade R.S. Gujral said export growth rate had declined by 15 percent in dollar terms - the steepest fall in five years.
He also warned that the export target of $200 billion for 2008-09 may not be met. Last year, India exceeded its export target of $160 billion.
Kamal Nath, however, said it was not a slump in exports, but only the pace at which exports were growing has gone down.
“Until now, we are on target, but next five months will show if we will meet our targets. It is dependent on the revival of the western economies,” he added.