THE ALL INDIA EXPORTERS’ CHAMBER
Annual Address by Ms. Preeti M. Sheth, President AIEC at the 48th Annual General Meeting of the Chamber on
Saturday the 24th October, 2009
Friends,
On behalf of the Managing Committee and on my own, I extend to you all a very warm welcome to the Forty-Eighth Annual General Meeting of our Chamber. The Annual Report together with Audited Statements of Account for the year 2007-08 and 2008-09 are already with you and with your kind permission, I take them as read.
Global Perspective
We are meeting at a very challenging time in the context of global developments. The annual GDP growth at the global level in 2006 was 5 per cent, which declined to 3.8 per cent in 2007 and further declined to slightly above 1 per cent in 2008. The decline in GDP growth came about on account of global financial meltdown and consequent economic recession in developed countries. In the current year, the global economy appears to be marginally expanding on account of wide-ranging public intervention, through stimulus measures, enabling economic recovery. However, the pace of recovery is slow and it is likely to remain below pre-crises level during the next two years. Although the global recession is ending, the recovery is subdued.
Indian Scenario
India cannot remain insulated from the adverse developments in international financial markets and consequently our GDP also has been affected. This is because almost two-thirds of our exports are dependent on advanced countries of USA, EU and Japan. The GDP growth, which was 8.3 per cent in 2004-05 reached 9.7 per cent in 2006-07 and marginally declined to 9.1 per cent in 2007-08. For the year 2008-09, the GDP growth has slided to 6.7 per cent.
On account of deceleration in exports and depressed domestic market, the manufacturing sector grew by 2.4 per cent in 2008-09 and as against 8.2 per cent recorded in the previous year.
India’s exports reached the level of US $168.70 billion in 2008-09, registering a growth of 3.4 per cent over 2007-08. On the other hand, total imports of all commodities increased by over 20 per cent at US $ 290 billion in 2008-09 as compared to US $ 240 billion in 2007-08.
In the new Foreign Trade Policy, Government of India has set an ambitious target of achieving an annual growth of 15 per cent with a export target of US $200 billion to be reached by March, 2011. Attainment of targets will depend on various policy measures to be initiated by Government in the following areas.
1) Stability in raw materials prices
2) Flexibility in labour laws for improvement of productivity.
3) Uninterrupted availability of quality power.
4) Reduction in volatility in Rupee / Dollar exchange rate
5) Improvement in infrastructure to bring down the transaction cost.
6) Proper evaluation of Free Trade Agreements with a view to protect India’s interests.
7) Introduction of support measures by Government of India to match Incentive Schemes of our competing countries.
Chamber’s Activities
I am happy to inform you that our Chamber has been striving its best to render useful services to exporters. Your continued co-operation and encouragement will strengthen Chamber’ activities for better services.
The Chamber continues to be well represented on various Government bodies like Customs and Excise Advisory Committees, Zonal Committees, etc. The Chamber is actively co-ordinating its activities with various organizations, national and international, various Export Promotion Councils including Cotton Textiles Export Promotion Council, Synthetic and Rayon Textiles Export Promotion Council, Powerloom Development Council, World Trade Centre and International Chamber of Commerce (ICC).
Overseas Links
The Chamber has been in constant touch with various International Chambers of Commerce, financial and commercial institutions and Foreign Diplomatic Missions in India as also Diplomatic Missions abroad for exchange of information on Export Promotion. It keeps members updated with the changes in the policy and procedures of different overseas countries. Chamber’s Website has links with websites of Government and other organizations. Information is transmitted to members about opportunities available for sponsoring various trade promotion activities.
Certificate of Origin
Chamber is one of the recognized institutions to issue Certificates of Origin and for endorsement of other export documents. The Chamber offers these facilities to Members and non-members. It is gratifying that availment of these facilities by Members and non-members has been increasing year by year.
Dissemination of Information
Chamber is regularly disseminating pertinent information to Members. This includes circulation of Notifications, Trade Notices and other Circulars issued by various Financial Institutions like RBI, ECGC, Exim Bank, Central Excise and Customs, DGFT, Ministry of Textiles and Ministry of Commerce and Industry so as to keep the export trade abreast of latest developments. Information received from Export Promotion Councils and other institutions as also obtained from other sources are regularly brought to the notice of members. The Chamber actively participates in Seminars organized by ECGC, FIEO and various other organizations.
Building Goodwill with Consulates for Trade Promotion
The Chamber, as an ongoing exercise of image-building, arranges meetings with Diplomatic Missions of various countries. During the meetings, a lot of emphasis is laid on trade promotion, exchange of information, reciprocal visits by businessmen and establishing contacts with different Chambers of Commerce. As a follow-up, the Chamber interacts with Commercial Attaches of various countries highlighting our activities and services.
Acknowledgements
I take this opportunity to convey our deep gratitude to Media, which has always supported us by projecting Chamber’s views on problems and perspectives in foreign trade. In discharging my duties as President, I have received whole-hearted support and co-operation from Vice President – Shri Ashwinbhai Savani, Hon. Secretary – Shri Vinaybhai Kotak, and Hon. Treasurer – Shri Pragbhai Udani. My special thanks are due to the immediate past President, Shri Amitbhai Ruparelia for his guidance. Because of the spontaneous and proactive support and encouragement from all these stalwarts, my task has been rendered lighter.
I am immensely thankful to Members of the Managing Committee who have always been positive and helpful. I also owe my grateful thanks to all our senior members and past Presidents who have been a source of inspiration to me. My sincere thanks to all the Members of the Chamber for their continued support.
Before I conclude, I would like to place on record my appreciation for all the staff members of the Chamber, led Shri R. J. Shetty, Executive Director, for rendering excellent secretarial services with a sense of responsibility and dedication.
Thank you,
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