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 India
may be able to achieve the export target of $160 billion for the current fiscal
year despite the rupee appreciation posing huge challenges for Indian exporters,
as stated by Commerce and Industry Minister, Mr Kamal Nath. “We are very close
to the export target despite all the problems posed by the appreciation of the
rupee. The credit goes to our exporters and we may be able to achieve the target
of $160 billion,” the minister said on the sidelines of a conclave.
“We are looking at giving sops to the exporters in the Foreign Trade Policy,” Mr
Kamal Nath said adding that his ministry might look into providing more
financial relief, such as neutralization of duties, to the exporters through the
FTP, which would be released very soon. He also said the government was looking
at identifying more areas such as toys and sports goods as the major thrust
areas in the FTP that would generate employment.
The appreciation of the rupee by about 11 percent in the last 10-11 months hit
the exporters, especially in the textile, handicrafts, marine and leather
sectors, which also faced huge job losses.
So far, the government has announced financial assistance amounting to Rs.80
billion in three tranches during 2007-08 for the exporters. The finance ministry
also announced enhancement of duty entitlement passbook scheme rates by three
percent for nine identified sectors and two percent for others. On the other
hand, the Indian leather goods manufacturers are willing to sit with the
government to chart out a joint medium- and long-term plan of action to take the
industry ahead. “Indian leather industry is virtually absent in the women’s
fashion accessories and footwear segment. In the men’s segment we are present in
the premium brand segment and not in the mass market products. We can grow in
these segments,” said Council for Leather Exports (CLE) chairman, Mr Habib
Hussain.
“Overseas buyers are looking for an alternative source to China. With concerted
strategy and creating the necessary infrastructure we can turn this into an
opportunity”. Mr Hussain said the total leather goods exports this fiscal year
will be around last year’s figure of $3.6 billion. v
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