The President of India, Shri Pranab Mukherjee, called for increasing exports for mitigating a worrisome current account deficit situation which stood at 5.4 per cent of GDP during the period April to December, 2012. Inaugurating the Golden Jubilee Celebrations function of Indian Institute of Foreign Trade (IIFT), here today, the President expressed hope for a strong revival of the global economy in 2014. “At a time when the global demand is yet to firm up, there is a need to strengthen our export industry,” said Shri Mukherjee.

While feeling proud of India’s performance in commodity exports, the President said that “there is a need to monitor and exercise caution. We must ensure the availability of enough food in the country at all times. Every citizen should have access to affordable food.” Shri Mukherjee outlined India’s efforts to meet the challenges of global economic downturn and said that steps like proactive stance at forging trade and economic partnerships with several economies and trading blocs, over 158 Special Economic Zones, the Export Promotion Capital Goods Scheme and market diversification have given good results.

Complementing the IIFT family on the occasion, the President said that “over the years, IIFT has broadened its academic framework by providing management education and PhD courses. Its endeavour should not only be to produce successful managers, business leaders and academic thinkers but also to prepare them as socially conscious citizens who have the capacity and willingness to respond and contribute to our society’s needs”.

Speaking on the occasion, the Union Minister of Commerce, Industry and Textiles, Shri Anand Sharma said that even in the backdrop of a difficult global economic climate, India’s exports crossed US$ 300 billion mark. “Recognising the inherent risk of focusing on markets which are under stress, our Foreign Trade Policy has taken a conscious view for market diversification,” said Shri Sharma.

Shri Sharma also added that we must remain mindful of the fact that China has emerged as our largest trading partner which is a natural phenomena given our geographical proximity with it. “However, we have a huge trade deficit with China and what is a cause of serious worry for us is the composition of trade with China as India remains an exporter of raw-material and importer of finished manufactured goods. This is untenable and we have taken this up at the highest level”, the Minister added. Speaking on the ongoing India- European Union Broad-based Trade and Investment Agreement (BTIA) negotiations, Shri Sharma said that the negotiators are working within predefined mandate and their main goal is to get best possible access for the country. “We have to have the confidence that by engaging with the world we are only improving our competitiveness,” asserted the Minister.

The Minister of State in the Ministry of Commerce & Industry Dr. D Purandeswari and Commerce Secretary Shri S R Rao also spoke on the occasion. Director IIFT Dr. Surajit Mitra welcomed the guests.

During the occasion, the President unveiled an exclusively conceptualised and designed a sculpture ‘Wings of Wisdom’ by Gagan Vij to mark respect to knowledge that the Institute inculcates in the minds of youth. The ‘Wings of Wisdom’ symbolises the spirit of freedom; the knowledge to scale success in life; and the path to spirituality.

Shri Sharma released a Commemorative Volume of Foreign Trade Review (FTR), a quarterly journal published by IIFT, in which scholarly writings of the current President and Prime Minister are included, during the occasion. The President of India also felicitated the past Directors General and Directors who have had provided leadership to the growth of the Institute.

DS/RK

(Release ID :95428)

Export promotion urged to address current account pressures through market diversification and export-support measures. Calls for strengthening Export Promotion to mitigate an elevated current account deficit and prepare exporters for a revival in global demand, emphasising market diversification, Special Economic Zones and the Export Promotion Capital Goods Scheme as mechanisms to expand exports. It highlights concern over a large trade deficit and adverse composition of trade with China and urges policy attention to change that composition, while also stressing domestic priorities of food availability and the role of institutions in developing managerial and socially conscious leadership.