Stable policy may lead to $200b goods exports by 2009: Survey
New Delhi: The country’s total export of merchandised goods is expected to touch $200 billion by 2009, according to a Confederation of Indian Industry survey. Conducted this month, the survey highlights the views of over 300 CEOs of various companies to assess the country’s foreign trade policy and the way forward. The respondents said India would become a major player in the global market if the government ensures stability with no midterm changes in the foreign trade policy. They also called for a continuation of the existing export promotion schemes such as Duty Entitlement Pass Book (DEPB), Export Promotion Capital Goods (EPCG) and Duty-Free Import Authorisation (DFIA). The survey emphasised on introduction of an SME export technology fund to provide a one-time funding to exports-oriented units at a nominal interest rate. It proposed that the government should simplify export and import procedures for small and medium enterprises, and also, encourage the implementation of electronic data interchange (EDI) across all ports. This would ensure better management, sharing of knowledge and faster processing. The captains of Indian industry also highlighted the need to focus on new geographies as an export destination including Eastern Europe, Russia, Central and South America, Pakistan, the Middle East and African countries. According to the respondents, Indian exporters are looking for new export promotion schemes which helps exporters in getting the raw material at a cheaper rate. This will make Indian products competitive at the international markets.