Chennai, Jan. 23 Export growth has turned positive in end-2009 and the last quarter of 2009-10 will see the numbers “cover the gap” against last May's negative performance, according to Mr Anand Sharma, Minister of Commerce and Industry.
Addressing reporters at the Partnership Summit 2010 organised by the Confederation of Indian Industry, he said the drop in exports last May had seen a “threatening” situation with a 39 per cent fall against the international market contraction of about 9-12 per cent. “But now we have moved into the positive territory in exports,” he said.
Contributors
The Government policies, industrial strength and the power of the domestic markets have all contributed to the turnaround, he said.
The rural markets have sustained and have helped support to a more than 20 per cent growth in the FMCG segment. The core sectors have grown and all other industrial sectors too have shown resilience. FDI and FII investments will match that of last year's, Mr Sharma said.
Inaugurating the summit, Mr Sharma said India was for a multilateral regime that is “rule-based and equitable and supports the poor and vulnerable economies”. The international community has to acknowledge the realities of the shift of political and economic power.
Dato' Mustapa Bin Mohamed, Minister of International Trade and Industry, Malaysia, reading out the Malaysian Prime Minister's speech said that his country would like to see “globalisation with values”. While embracing the positive aspects of globalisation it has to be ensured that the benefits accrue to all. Studies show that developing countries account for about a fifth of the world's output and trade and India and China will contribute to further growth in these numbers.
ISSUES OF FOOD SECURITY
The Malaysian Prime Minister Dato Sri Mohd Najib Bin Tun Abdul Razak who was to have delivered the address had to leave for Malaysia last night following the demise of the Sultan of Johor. Mr Venu Srinivasan, President, CII, said that in 2010 as countries leave behind the financial crisis, they faced issues of food security and climate change. The “economic centre of gravity” has shifted to China, ASEAN and India, he said. Developing countries need to take the initiative in WTO and climate change issues and countries cannot be insular in their views.
Source : Business Line