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Business News/ Politics / Policy/  Anand Sharma says India to miss 2012/13 export target
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Anand Sharma says India to miss 2012/13 export target

India had set an export target of $350 billion in the current fiscal ending March

A file photo of industry and commerce minister Anand Sharma. Photo: Satish Kaushik/Mint (Satish Kaushik/Mint)Premium
A file photo of industry and commerce minister Anand Sharma. Photo: Satish Kaushik/Mint
(Satish Kaushik/Mint)

Raising concerns over the widening international trade balance deficit of India, union minister for commerce and industries Anand Sharma said on Wednesday that the country might miss out the export targets for the year 2012-13. “The year of 2012 was full of turmoil owing to the euro currency crisis marred with overall economic slump in the Western world. This has affected the India exports adversely.

Moreover, the crude oil prices also rose considerably increasing the import bills," Sharma said while addressing an event organized by industry lobby Confederation of Indian Industry (CII) in Mumbai.

India had set an export target of $350 billion in the current fiscal ending March.

In the wake of global economic slowdown, India is under pressure of managing its trade balance deficit and a push to the manufacturing sector is the need of hour and this sector could play a vital role in salvaging the situation, Sharma suggested. “We need to increase the share of manufacturing sector in GDP, and will have to create 100 million skilled jobs in a decade."

Envisaging the infrastructure requirement that the country would need to achieve this, the government has earmarked an investment of $1 trillion for the infrastructure development over the next five years, the minister said.

Indian government at the prime ministerial level and also at the ministerial level has been talking with the Chinese counterparts as the trade balance deficit has been widening with China considerably. “We are seeking trade opportunities for the Indian pharmaceutical industry in China, along with other sectors," he said.

“Manufacturing sector is the national priority," says Sharma adding that last year India drafted the National Manufacturing Policy and which may change the dynamics in the favour of Indian economy, Sharma added.

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Published: 20 Feb 2013, 02:28 PM IST
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