NEW DELHI: Stating that things were looking up for the Indian economy with massive influx of FII (foreign institutional investor) funds, newly appointed Commerce and Industry Minister Anand Sharma on Friday said the new Foreign Trade Policy would be announced in the first week of August and ensured that the Government would take all possible measures to stabilise industrial production.
Interacting with mediapersons after taking over office here, Mr. Sharma, who till recently was the Minister of State for External Affairs, said he would be meeting Finance Minister Pranab Mukherjee to take up the issue of providing incentives to exporters who had suffered lower growth in the last few months due to global recession and economic slowdown in markets in the U.S. and Europe.
Mr. Sharma said that after the presentation of the general budget in July, the FTP would be unveiled in the first week of August. “All issues relating to policy process of foreign direct investment (FDI) and other such areas would be addressed by the new policy. I will also seek to revive the inter-State trade council to ensure better levels of cooperation and coordination with the States for a much aggressive economic growth in the coming months and years,” Mr. Sharma remarked.
FII inflows
Referring to the slower growth in the industrial sector, Mr. Sharma said in the present climate when global economies had been adversely affected and there was a continuous fall in demand, the Government would ensure that all steps were taken to stabilise industrial production.
Mr. Sharma said the massive FII inflows, which touched Rs. 20,000 crore in the last three months, indicated the confidence levels of the international investors in the Indian economy. Expressing satisfaction over the FDI inflows of about $27 billion in 2008-09, the Minister said indications were that this momentum would continue.
Source : The Hindu