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From the President’s Desk…..
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My Dear Fellow Exporters,
Downturn in US economy may have serious implications for the world economy, as US contributes to about 21 percent of the world GDP. But as far as India’s export is concerned, its impact will be marginal except for sectors such as textiles, gems and jewellery, handicrafts, IT and IT enabled services and BPO. In case of BPO, on the contrary, it may trigger more businesses to countries like India but for constant appreciation of rupee that poses a major challenge to BPO industry while executing such orders. I hope Davos creates necessary climate for positive conclusion of Doha Round so that the world trade may enter into truly fair environment.
The process of globalisation in India has changed the mindsets of restrictive economic environment and we are no longer the prisoners of past. Our GDP and exports, both are galloping at an unprecedented speed and all world forecasts suggest that we are at the brink of becoming a global economic power.
Our Hon’ble Commerce & Industry Minister Mr. Kamal Nath said at Davos: "India has stared engaging itself with countries like China which is emerging as our major trade partner and our engagement with China has got fresh impetus with the recent visit of our Hon’ble Prime Minister Dr. Manmohan Singh. We are also working on a comprehensive relationship with the Gulf Cooperation Council and have signed framework agreements for cooperation with South African Customs Union and COMESA in Africa and with MERCOSUR and Andean Community in South America besides forming regional trade and economic alliances and signing Free Trade Agreements and Preferential Trade Agreements with other countries and trade groups, for market access and greater economic clout. We have an FTA with Thailand and a Comprehensive Economic Cooperation Agreement with Singapore. We have formed a strategic trilateral group IBSA (India-Brazil-South Africa) with Brazil and South Africa to promote economic, commercial and political cooperation and to advance common interests globally."
All these initiatives at forming strategic trade relationships with various regional blocks are commendable. India’s new growth story must lead ways to greater integration with the world. And if we focus our exports, we can make this integration a win-win story for ourselves.
Yours
sincerely,
Ganesh Kumar Gupta
PRESIDENT
