Despite the slowdown in the global economy, the Indian export sector has shown a commendable growth in its exports in the past years. India has a major landmark in exports of Gems and jewellery, textiles, engineering goods, chemicals, leather goods, etc. Exports in India have a major share towards the country’s GDP (Gross domestic product- an indicator to measure the health and size of the economy). Many large and small scale industries have been showing consistent performance in their overseas sales.
2012, however, would be a year of major challenge to this sector as fierce competition lies ahead from industries across the globe. The Government here has to input facilitative norms to the export sector in order to provide a suitable platform for consistent increase in the country’s exports. FIEO (Federation of Indian Export organizations) has already started pushing the RBI to improvise its credit policy for rising liberal lending norms for the export sector. India is also seeking membership of four export control regimes which will give the country the power to decide on export control issues and to organize the country’s export regulations on high International standards.
Market dynamics are continuously changing, and therefore Export organizations have to tighten up and have to show tremendous improvements in the quality of their goods and services. There should be common platform for Indian exporters to get to share their views, trade ethics and practices with other exporter organizations, which would help creating more opportunities for Indian exporters to create worldwide business and trade. We hope that 2012 should be a successful year for our Indian exporters and they would thoroughly utilize all their resources in order to collectively uplift the growth of the Indian Economy.