Chamber warns against policy equivocation
OuR BUREAU
NEW DELHI, Dec 29: The PHD Chamber of Commerce and Industry (PHDCCI) has warned that the ambiguities in the policy framework, lack of motivated implementation and inaction, coupled with the impact of slow international economic growth will affect the objective of a sustained seven per cent growthThe chamber said exports have seen a considerable slowdown in recent months when the post-reform economic growth was envisaged to be spear headed by industrial growth and enhanced exports. Frequent changes in the Trade Policy dilute the achievement potential, it added. According to the Chamber, the present framework of government export promotion agencies is complicated and appears to work at cross purposes. Glaring inadequacies in the export infrastructure are posing a serious problem and there is a glaring lack of inter-ministerial coordination too, the Chamber added. PHDCCI is of the view that the anti-dumping machinery in the country is far from adequate. There is an urgent need to strengthen the
anti-dumping authority to ensure a speedier process of investigation and a quick resolving of problems. The entire situation, said the chamber, thus merits a thorough review. In this connection, PHDCCI has urged for setting up a National Commission of Foreign Trade that would be able to address the major problems and provide effective assistance to the exporting community. The Chamber is also of the opinion that the recent fall in Asian currencies and depressed stock markets are matters for introspection. However, since the basic framework of the economy is resilient enough to absorb short term speculative forces, the government should, therefore, stay on course with the time frame recommended by the Tarapore Committee, the Chamber emphasised.PHDCCI has often stressed upon the need for sharing of revenues from incremental increases in exports between the Centre and the states.
Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.
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