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Export sector plays an important role in economic development, says Anand Sharma

NEW DELHI: Exports have always played an important role in the economic development of most countries.

 

Union Minister for Commerce and Industry, Anand Sharma on Monday informed Lok Sabha about the importance of export sector and its contribution towards the Indian economy.

 

This is evident even in Indian case from the continuous upward movement of percentage share of merchandise exports in the overall GDP of India from 13.9 per cent in 2009-10 to 16.0 per cent in 2010-11 and 17.7 per cent in 2011-12, he said.

 

The Minister said, as per the WTO trade statistics India’s share in the total global merchandise exports has been measured at 1.48% during 2010, 1.66% during 2011and 1.60% in 2012.

 

The difference between imports and exports is the measure of Trade Balance, which contributes to Current Account Balance stability of a country.

 

Macro Economic growth and stability of a country has a very close correlation with Current Account Balance of that country.

 

Hence, Government and policy makers keep a close watch on Trade Balance and Current Account Balance.

 

An aggressive product promotion strategy for high value items that have a strong manufacturing base is the main focus of the overall growth strategy.

 

The core of the market strategy is to retain presence and market share in traditional markets, move up the value chain in providing export products in the developed country markets; and open up new vistas, both in terms of markets and new products in these new markets, Sharma said.