Presiding over the 11th state-level meeting of Export Promotion Committee (Punjab and Chandigarh) here today, he mentioned about resilience in the economy of Punjab, which was not only the leader in agriculture sector but also had strong potential for the growth of exports.

Chhabria said that w.e.f. January 1, 1999, a single currency - Euro was introduced, replacing national currencies of 11 participating European nations for a period of three years. The new monetary system in these countries would usher an era having no barriers to markets for goods or capital, and lower transaction costs. The Indian exporters would benefit with less exchange risk, improved liquidity, price transparency and easier sourcing of raw material.

Welcoming the participants, S. K. Chawla, general manager, PNB, said that total export outstanding in Punjab was Rs 961 crore in September '98 as against Rs 870 crore in September '97, thus showing an increase of 10 per cent.

K. Vijayaraghavan, Regional Director, RBI, remarked that in the present liberalised exchange rate era, RBI acted as facilitator of exports rather than regulator. Vijay Sharma, Joint Director, Industries, Punjab, said that Punjab was predominantly agrarian in nature. The state government had declared 1998-99 as "Infrastructure Year" and industrial infrastructure was being strengthened. The state government was keen to accelerate the pace of industrialisation. A single window clearance system, Udyog Sahayak had already been launched to ensure the various clearances for setting up units which were given by various departments in a time-bound manner.

Sharma mentioned that in a bid to increase exports from Punjab, the state government had recently constituted state-level committee for promotion of exports and the first meeting of this committee was held on February 12 at Mohali. The issues relating to state government departments and banks were deliberated and decisions taken to assist the acceleration of exports from Punjab.