Commerce Minister meets Board of Trade on economic scenario

New Delhi, June 1 (ANI): Commerce Minister Anand Sharma met the Board of Trade, an advisory body to the Commerce Ministry consisting of key industry officials and various export promotion bodies, to discuss the current economic scenario, here on Friday.

Representatives from the different sections of industries attended the meeting that focused on the current slump in the economic growth of the nation.

"It provided a useful opportunity to look at the critical challenges confronting the Indian economy. Both from the manufacturing and industrial production aspects, as well as the pressures which are there on the current account deficit and the trade account deficits, and the steps that we need to take in the given circumstances were discussed" Sharma said of the meeting.

He added that there were suggestions and changes in various commercial policies of the government and also targets were set for the near future.

"There have been incremental changes, annual supplements, some course corrections depending on the global scenario and looking at the regional and product thrust. We have put in place now an implementable plan of action which should meet the objective of taking India's exports to $ 500 billion by 2014 and doubling the share of our trade in percentage terms by 2020,"Sharma said.

While acknowledging that the Eurozone crisis has affected the Indian economy, Sharma stated that the new suggestions made in the meeting would soon be made public.

Further, Sharma informed that the Reserve Bank of India (RBI) and concerned ministries have been taken on board on the suggestions made in the meeting.

"The concerned ministries, the departments and the other agencies including the RBI and the other banks have taken on board all the suggestions. Some of the decisions would be reflected in the annual supplement of the foreign trade policy which the government will unveil on June 05 in New Delhi," he said. (ANI)