The Union Commerce and Industry Minister Anand Sharma would be meeting US Secretary of State Hillary Clinton and other top US officials for trade talks this week. “In two days, I shall be meeting Secretary Clinton and other senior US officials in Washington and resume talks to resolve the impasse in the Doha Development Round (DDA) and World Trade Organization (WTO) talks,” Sharma said here today.
“After the US, I shall be heading to Europe to meet top Doha talks interlocutors of the EU and the UK and some G20 members,” he said.
“India wants to restore the Doha process talks and help it reach a successful conclusion in favour of the developing countries,” Sharma said.
Speaking about raising the sagging exports of the country, the minister said, “We are now adopting a ‘look Latin America’ particularly Brazil and ‘look Africa’ approach to enhance our economic ties with these two continents.”
Talking about the Indian economy, he said, “This year we have revised internally the growth rate to 6.8 per cent, making us the second-fastest growing economy in the world. Next year, we hope to achieve a growth rate of 9 per cent.”
Plan to attract more FDI
To rope in more foreign direct investment (FDI) into the country, the government is considering simplification and uniformity of procedures, Sharma said here on Sunday.
“We would like to attract more FDI. To do so simplifications of procedures is important along with uniformity by all state governments,” he said.
“A meeting of finance ministers and finance secretaries of all states is being convened in August this year to carry out the necessary changes.”
“Despite the global slowdown, India is attracting good FDI and FIIs. In the last one year we have attracted Rs 25,000 crore worth of FDI,” he said.
Talking about the priorities of his ministry to revive the Indian economy, he said, “We will now be considering a fresh stimulus, particularly in the labour intensive sector.”
“We will be strongly recommending to the finance minister in the next few days to make easy credit available to the industry,” said Sharma.
The plantation sector, including tea, rubber and coffee, needs help, besides extension of duty drops beyond December this year, he said.
The commerce and industry minister promised a comprehensive package for coffee planters, particularly relief to small farmers who were in debt.
“We are confident that the measures we are taking up soon will help sustain exports to last year’s level of $168 billion if not more,” Sharma added.
He said the economy was showing positive signs of revival in the manufacturing sector. Apart from the capital goods sector such as cement, steel were growing due to the government’s increase in public spending on infrastructure.
