As part of measures to boost sagging exports, the Centre, for the first time, is getting together four export promotion organisations from the chemical and plastic industry to hold a mega event to showcase the sector and help foreign buyers tap the potential in the industry.
The Ministry of Commerce and Industry has granted ?3.6 crore for the three-day event CapIndia, to be organised from March 20 in Mumbai by the Plastics Export Promotion Council, Basic Chemicals, Pharmaceuticals and Cosmetics Export Promotion Council (Chemexcil), Chemical and Allied Export Promotion Council of India (Capexil) and Shellac & Forest Products Export Promotion Council (Shefexil).
The four associations accounted for $35-billion exports in the last fiscal while in the first seven months of the current fiscal their exports were down five per cent at $20 billion.
Speaking to the media on Tuesday, BS Bhalla, Joint Secretary, Ministry of Commerce and Industry, said with little handholding, the chemicals and plastics industry would play a major role in achieving the government set export target of $900 billion by 2020.
Though in terms of value, exports by these industries were down this fiscal due to a sharp fall in crude oil prices, in terms of volumes they have performed much better, he said.
Given the current trend, overall merchandise exports is expected to decline about 13 per cent to $270 billion in the current financial year due to global demand slowdown and fall in crude oil prices. The country's aggregate exports were at $310.5 billion last fiscal. In the first eight months of this fiscal, export declined 18 per cent to $174.3 billion. Imports were $261.8 billion and trade deficit was $87.5 billion.
Despite slowing exports, the Ministry expects 125 foreign buyers to visit the expo where 250 Indian exhibitors will showcase their wares.
“Based on the outcome of this event, the government is thinking of replicating this model of holding joint export promotion expos to represent India in wholesome than each Council conducting separate events to promote their sector,” said Bhalla.
Source :.thehindubusinessline.com
No comments:
Post a Comment