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| BGBU to host national seminar on world trade | | | Early Times Reporter
Rajouri | Oct 19
A two-day national seminar on 'India's Exports and Growth Prospects Under Changing World Trade Scenario' being organized by Baba Ghulam Badshah University is commencing at the varsity campus Rajouri on Saturday.
The seminar sponsored by the All India Council of Technical Education is first such academic discussion in Jammu and Kashmir on the new world trade regime and India's response to the scenario. Vice Chancellor of the BGSB University Masud A Chaudhary will inaugurate the seminar and deliver the inaugural address.
The key objective of the AICTE sponsored National Seminar is to provide a forum to the experts from academia and the business world to discuss thoroughly: the actual and potential impact of outward orientation in trade policy and changing world trade scenario on exports; the existing export incentive schemes and the shortcomings that continue to hinder the growth of exports, and the possibilities of gaining access to new markets and prospects of enhancing India's share in the established export markets.
One of the important objectives of economic policy in most countries of the world has been a significant and sustainable rise in the exports of goods and services. Governments have directly subsidized exports and supported exporters through foreign market research, provision of information on foreign government regulations and procedures, and sponsorship of trade fairs, foreign trips, and export promotion measures. Export promotion zones have been established in almost all trading countries to gain competitiveness by facilitating duty-free imports of materials and components with easier customs procedures. Even the ardent advocates of inward looking trade policies regard exports as most significant for accelerating the pace of economic growth and development.
Exports earn valuable foreign exchange for the country that facilitates the import of material inputs, capital goods, and essential items of consumption. Besides being an important source of income and employment for those who are directly involved in production and sale of exportable commodities, net exports, like domestic investment, generate multiplier effect on income, employment, and other macroeconomic variables in the economy. Without an adequate increase in exports, a country faces adverse balance of trade and payments, and falling value of domestic currency vis-à-vis foreign currencies. As a consequence, imports become more costly and through the expansionary price effect, inflationary pressures engulf the entire economy. The developing countries strive for more and more export earnings so as to acquire new technologies, skills and materials necessary for promoting industrialization and economic development.
Commodity-mix of the international trade of a country should be such that comparative advantages enjoyed by it are utilized to the maximum benefit. However, pre-liberalization period of Indian economy was characterized by the policies that had objective of attaining self reliance through industrialization, with focus on import substitution, which hampered any advancement on the export front. Furthermore, overvaluation of Indian currency and low returns on sales in the foreign markets discouraged participation in exports. The resultant economic crisis of early 1990s prompted Indian Government to adopt liberalized trade policy, which in tandem with developments on the global front, through WTO, opened new avenues for the promotion of Indian exports. However, India still accounts for a miniscule share of the world exports and export growth is lagging behind its competitors in the world market. Moreover, a faster import growth is widening India's trade deficit, making it imperative to achieve a substantial and sustainable growth in exports. |
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