| Date: |
28-11-2015 |
| Subject: |
India needs to be a quality- and cost-competitive exporter: Arun Jaitley |
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NEW DELHI: Emphasising on the need for India to become a quality competitive exporter, Finance minister Arun Jaitley has said that it is a challenge to expand trade at a time when global trade is sluggish.
"Since purchasing power of global buyers is contracting, expansion of domestic and international economic activity is challenging...We have to create an ecosystem which can create a new market for India," Jaitley said at an event organised at the India International Trade Fair here.
He said that India's exports have been declining in value due to falling global prices of oil, gas and commodities such as food and metals.
India's exports have been on a decline for the last eleven months highlighting the stiff competition faced by the country in a weak global economy. Exports fell 17.5% year on year in October at $21.35 billion and outward shipments declined in 20 out of the 30 industries due to sluggish global demand, an overvalued rupee, declining imports from China and devaluation of the Chinese currency.
The finance minister said that the world wants good products at cheaper prices. India should become a competitive exporter in both cost and quality competitive.
Source : economictimes.indiatimes.com
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