Kamal Nath foresees India to be $500bn trading country by 2008
17 Aug '05
2 min read
Commerce and Industry Minister Kamal Nath stated the India will emerge as $500-billion trading country by the year 2008, undeterred by the rupee's appreciation, widening trade deficit or erratic monsoons.
The minister, announcing the highest growth rate ever in exports in July 2005 (compared with last July), opined that the short-term crash of heavy rains in some regions will be recovered and this year's export target is set to cross $92 billion.
The export-import registered $185 billion last year, which is expected to reach $250 billion this year. The July figures are a signal that the export could boom, Nath added. July 2005 exports rise to a level at 27 percent in dollar terms compared to July 2004. The bad monsoon season will affect export and import. However, we hope to recover this, Nath added.
As per the quick estimates of the Ministry of Commerce, depicts iron ore, petroleum products, marine products, plastics and linoleum, rice, gems and jewellery, engineering goods, basic chemicals and ready-made garments, well performed in July, taking exports over April-July 2005-06 to $28.1 billion, 21.4 percent higher comparing to the same period of last year.
Over one million jobs were generated last fiscal year, result of rising merchandise exports, and a similar number is expected to be touched in the current year.