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Friday, 5th March 2004 (5983 views)

India's director general of foreign trade has stressed the importance of maintaining the country's 12 per cent annual export growth rate in order to achieve the government's target of reaching a one per cent share of the world export trade by the year 2007. <BR/><BR/>Mr L Mansingh told a meeting of exporters organised by the Cochin Chamber of Commerce and Industry at Kochi that the country registered a 20 per cent growth in exports last year and a 13 per cent growth during the current fiscal year to date.<BR/><BR/>Mr Mansingh pointed out that the government had extended several concessions to the jewellery export industry in order to facilitate the country reaching its projected target of one per cent of the global jewellery export level. <BR/><BR/>He explained that the government was trying to establish the country as the hub of jewellery export and said that he hoped exporters would strive to achieve this objective at the earliest possible time, sify.com reports.<BR/><BR/>Mr Mansingh told the conference that the Indian export industry needed to overcome capacity constraints in the manufacturing sector and cited several recent liberalisation measures introduced to improve import of capital goods. <BR/><BR/>He also explained that an increase in imports had not been reflected in levels of export duty and told delegates that the government had decided to categorise exporters in three levels - green, yellow and red channels - on the basis of their track record, in order to help check leakage of import duty collection.<BR/><BR/>India's gold jewellery industry is one of the world's busiest, with more than 620 tonnes of gold used annually in the sector.

 

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