PIB

Indian Economy increasingly getting integrated with world economy: Nath

21 March 2008

Kamal Nath, Union Minister of Commerce and Industry, said that the Indian economy is increasingly getting integrated with the world economy.

India`s share in the world exports has increased from 0.7% in 2001 to 1% in 2006. India`s trade as a percentage of GDP has increased from 14.6% in 1990-91 to 21.2% in 2000-01 and 34.9% in 2006-07.

Indian merchandise exports have witnessed a sustained high growth rate of more than 20% per annum during the Tenth Plan. Exports reached a level of USD 126.3 billion in 2006-07 registering a growth rate of 22.5% over the previous year. Against the target of USD 160 billion for the year 2007-08, exports reached a level of USD 111.1 billion during April-December 2007. With the present trend growth, exports during the current year are expected to reach a level of USD 152-155 billion, Kamal Nath said.

Keeping the current international scenario in view,  Kamal Nath said that there is a need for a new architecture of international relations which should be based on trust and mutually beneficial integration.

With economic power of the emerging markets accounting for a larger share of global GDP, China, India, Brazil, Russia and other crucial players need to be brought to the table of international policymaking.

Kamal Nath emphasized that the agenda for world trade negotiations need to be more receptive to the needs and sensibilities of the developing countries and LDCs, and added that agriculture should remain at the heart of the negotiations since the livelihood concerns of more than a billion resource poor farmers depend on it.
 

He further added that a delicate balance between the defensive agenda on agriculture and the relatively offensive agenda on Services and NAMA.

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