Jyotiraditya Scindia, Minister of State for Commerce and Industry to inaugurate the awards for this year.
March 22, 2011:
Jyotiraditya Scindia, Minister of State for Commerce and Industry will inaugurate the fourth edition of ‘International Trade Awards 2011’ to be presented by CNBC-TV18, India’s No. 1 business medium in association with DHL, the world’s leading Logistics Company, in New Delhi on March 24, 2011. These awards exclusively aim at recognizing innovation and excellence demonstrated by the Indian importers and exporters at the International Trade facilitation in India.
The Indian import and export industry has contributed significantly to the Indian economy especially by achieving the export target of $200 billion mark for the fiscal year 2010 – 2011. While India’s exports were estimated at $235 billion, the imports are expected to reach the $350 billion mark. As a result, the trade deficit is expected to come down to $115 billion from an earlier projection of $135 billion.
This resultant growth in India’s export and import industry can be attributed to the government’s strategy of encouraging diversification into newer markets of Asia, Africa and Latin America and increasing focus on non-traditional exports to the USA. The government has also proposed measures to boost exports by capitalizing on the engineering and chemical sectors which has a greater demand abroad. Additionally, the government has formulated product strategies that will build on intrinsic strengths of some industries; market diversification; incentivizing research and development; and building a Brand India. This will help the Commerce Ministry to achieve its target of doubling the exports to $450 billion by the fiscal year 2013 – 2014.
While the Commerce Ministry is developing strategies to bring down the fiscal deficit, it is still faced with challenges trying to balance between a strong rupee, the shrinking markets of Europe and the US, hardening interest rates and rising input costs. Facilitating infrastructure development has also been a challenge for the government. Additionally, the weak recovery in the industrialized economies and the recent disasters in Japan will call into question the assumption of world trade bouncing back to pre-crisis levels.
In such a scenario, the major challenge of the Commerce Ministry will be to encourage the Indian exports by every possible means in order to maintain the recent momentum in addition to finding means of balancing the performance of India’s imports which are likely to be affected by the recent hikes in the petroleum prices.
Speaking on the occasion, Anil Uniyal, CEO, CNBC-TV18 and CNBC AWAAZ said, “We are proud to partner with DHL for the fourth edition of International Trade Awards 2011. The Awards will represent the finest of the international trading community and highlight their extraordinary achievements. As we continue to honour and recognize innovation and excellence showcased by the Indian entrepreneurs on a global platform, we feel equally privileged in watching the custodians of 'Brand India' being rewarded for making their mark globally."
Adding further, R.S. Subramanian, Country Head, DHL Express India said, “DHL India is proud to have created this platform to honour the outstanding entrepreneurs who have braved the times, set new benchmarks and brought a lot of credence to the “Made in India” tag. The International Trade Awards 2011 acknowledges all the fore runners on whose resilience we can only be sure that India will sustain its growth momentum.”
Walking the tightrope, the Commerce Ministry is determined to execute their entrepreneurial skills to grow the Indian import and export businesses. However, one of biggest challenges in current circumstance that arises is ‘Can India’s exports touch the $500 bn mark by 2015?’
On the launch of such an empowering initiative, join Sheeren Bhan as she deliberates with a panel of India's global ambassadors such as Ramu Deora, President, Federation of Indian Export Organization; R. C. Bhargava, Maruti Suzuki India Limited; R. S. Subramanian, Country Head, DHL Express along with Jyotiraditya Scindia, Minister of State for Commerce and Industry on questions about how Indian exports will play a major role in India’s double digit GDP targets and what kind of support will Indian exporters receive from the government to achieve their targets.
CNBC-TV18 and DHL hopes to create an atmosphere that will enable the stalwarts of the export industry engage in dialogue that will stimulate export and help boost the economy, finally making the Indian growth story viable.