<p>The Board of Trade (BoT), chaired by Commerce & Industry Minister Anand Sharma, is meeting on Friday to review country’s export performance in the wake of uncertain economic conditions in the western markets.</p>.<p>The BoT, top advisory body on external trade, consists of industry leaders, including Mahindra & Mahindra Group Vice-Chairman Anand Mahindra, Biocon Chief Kiran Mazumdar Shaw, TVS Motors Chairman Venu Srinivasan, Ashok Leyland Managing Director R Seshasayee, Apollo Tyres Chairman & Managing Director Onkar S Kanwar and Hero MotoCorp Manging Director Pawan Munjal.<br /><br /> “The board would discuss issues like impact of rupee fluctuation, rising interest rates and uncertain economic conditions in western markets on the country’s exports,” an official said.<br /><br />Exports to the US and Europe account for about 30 per cent of the country’s total overseas shipments. The rupee touched a new all-time low of Rs 56.50 against the US dollar. Since early March, the rupee has depreciated by over 10 per cent.<br />The meeting is considered important as it provides a platform for direct interaction between the government and the industry.<br /><br />“The views of the board will be included in the foreign trade policy (FTP) to be announced on June 5,” the official added.<br /><br />While exports have shown a growth of 21 per cent in 2011-12, the momentum is difficult to maintain in 2012-13 as the situation in Europe is still not good. From a peak of 82 per cent in July, export growth has plunged sharply to 3.8 per cent in November, 2011.<br /><br />Exports contracted in March by 5.7 per cent. While exports during the last fiscal aggregated US$303.7 billion, imports increased to US$488.6 billion, leaving a highest-ever trade deficit of US$185 billion.<br /><br />The government has fixed a target of doubling the country’s exports to US$500 billion by 2013-14.<br /><br />The BoT also has representations from business chambers and trade bodies like the Engineering Export Promotion Council and Federation of Indian Export Organisations (FIEO).<br /><br />“The main agenda for tomorrow’s meeting will be rupee depreciation and high cost of credit,” FIEO Director General & CEO Ajay Sahai said. <br /></p>
<p>The Board of Trade (BoT), chaired by Commerce & Industry Minister Anand Sharma, is meeting on Friday to review country’s export performance in the wake of uncertain economic conditions in the western markets.</p>.<p>The BoT, top advisory body on external trade, consists of industry leaders, including Mahindra & Mahindra Group Vice-Chairman Anand Mahindra, Biocon Chief Kiran Mazumdar Shaw, TVS Motors Chairman Venu Srinivasan, Ashok Leyland Managing Director R Seshasayee, Apollo Tyres Chairman & Managing Director Onkar S Kanwar and Hero MotoCorp Manging Director Pawan Munjal.<br /><br /> “The board would discuss issues like impact of rupee fluctuation, rising interest rates and uncertain economic conditions in western markets on the country’s exports,” an official said.<br /><br />Exports to the US and Europe account for about 30 per cent of the country’s total overseas shipments. The rupee touched a new all-time low of Rs 56.50 against the US dollar. Since early March, the rupee has depreciated by over 10 per cent.<br />The meeting is considered important as it provides a platform for direct interaction between the government and the industry.<br /><br />“The views of the board will be included in the foreign trade policy (FTP) to be announced on June 5,” the official added.<br /><br />While exports have shown a growth of 21 per cent in 2011-12, the momentum is difficult to maintain in 2012-13 as the situation in Europe is still not good. From a peak of 82 per cent in July, export growth has plunged sharply to 3.8 per cent in November, 2011.<br /><br />Exports contracted in March by 5.7 per cent. While exports during the last fiscal aggregated US$303.7 billion, imports increased to US$488.6 billion, leaving a highest-ever trade deficit of US$185 billion.<br /><br />The government has fixed a target of doubling the country’s exports to US$500 billion by 2013-14.<br /><br />The BoT also has representations from business chambers and trade bodies like the Engineering Export Promotion Council and Federation of Indian Export Organisations (FIEO).<br /><br />“The main agenda for tomorrow’s meeting will be rupee depreciation and high cost of credit,” FIEO Director General & CEO Ajay Sahai said. <br /></p>