Announcing this at Chemexcil's 27th Annual export awards function held in Mumbai on Saturday, union minister for commerce Ramakrishna Hegde said, "I am meeting with the officials of the Reserve Bank of India and the finance ministry on Tuesday or Wednesday. I hope something useful will emerge out of this meeting that will help the exporting community."

"Over the past few weeks, we are in continuous dialogue with my colleagues in various ministries and the RBI. We even had a meeting on Friday with the RBI governor Bimal Jalan and will once again meet them next week," Hegde said. Hegde feels it is "possible to achieve a $100-billion export target by 2000." During May 1998, the country witnessed a negative export growth of 17 per cent. The tradeimbalance has shot up to $1856.13 million during April-May 1998 (minus $771.54 a year ago).

The Federation of Indian Exporters' Organisation (FIEO) president Ramu Deora has been spearheading the cause of the exporters through repeated presentation to the commerce ministry for cheaper export credit. According to Deora, the maximum interest rate for pre- and post-shipment credit should be 8 per cent to 9 per cent, but not exceeding 2 per cent over Libor.

According to Hegde, given the fact that China and Pakistan have both depreciated their currencies by 6.2 per cent and 8 per cent respectively, and rumours of China further depreciating its currency after the recent high level meeting with US president Bill Clinton, it is necessary that our exporters too get cheaper export credit. Presenting the Chemexcil awards for 1995-96 to 24 exporters here, Hegde said: "Exporters are doing a national service in helping the country earn valuable foreign exchange.

For their best export performance exporters should behonoured with Padmasree and Padma Bhushan, instead of marking them as blackmarketeers and smugglers". Hegde expressed disappointment that there was a total lack of commitment on part of politicians and bureaucrats in the wake of nuclear blasts and the subsequent sanctions imposed by the US and other countries.

He warned that the negative attitude would stifle the economic growth of the country and said the US sanctions, the continuing south-east Asian crisis and lack of commitment by everyone concerned in the government had `shattered my confidence.'

Later, speaking to newsmen after the function, Hegde said his ministry was planning to integrate all export promotion schemes into a single system. Commerce secretary PP Prabhu, who was also present, said this would take some time as all the concerned ministries and exporters would be involved in this task.

Earlier, delivering the welcome address, Deora said the Basic Chemicals, Pharmaceuticals Export Promotion Council had achieved a growth of 22.2 percent in dollar terms in April against the country's negative growth of 17 per cent. At this rate, the council would be able to achieve its target of 20 per cent for this fiscal, he added.

Shed penny-wise, pound-foolish culture

Commerce Minister Ramakrishna Hegde blamed the "pennywise but pound foolish" culture prevailing among politicians and the bureaucracy for the overall lack of commitment towards exports.

Speaking about the customs and the excise department, for example, Hegde said: "They have inherited the culture of lethargy, passing the buck of responsibility and even corruption. But is it not painful to see that even after 50 years the rotten system still continues?" Blaming the politicians and bureaucrats for lack of commitment, Hegde said except for a few sectors like chemicals, gem and jewellery and software, no other sector had shown any growth at all when expectations were that the first two months would record a 15 per cent growth.

"It is the duty of the bureaucrats at either thecommerce ministry or the customs office to be helpful and not harmful to the exporter. They have to understand that the power that they enjoy comes from the people and they should serve those who gave them the powers. "India will be engulfed in deep crisis if we do not increase our exports," he said. "A country could do without politicians but not without farmers or exporters. There was an urgent need to educate officials at all levels to drive home the point that exports needed urgent attention, he added." Hegde said whatever concessions had been announced would stay and not be withdrawn.