(Views expressed in this article are the personal opinion of the author)
The wide-arm welcome extended by India Inc. to the announcement of Annual Supplement 2012-13 to the Foreign Trade Policy 2009-14 should infuse some cheer to otherwise depressing scenario that presents the Indian economy in a gloomy shade. This was indeed sorely wanted and should hopefully enthuse at least the exporters to perform better or at least as good as they had done during the last fiscal, recording an increase of 20.3% increase in our export performance, which is what has been proposed for the current fiscal.
The Present Scenario
Without diluting what our Commerce Minister has stated in his speech while presenting the Annual Supplement was, I must acknowledge, is candid, and reflected the true, though not complete picture. He said, "Itis indeed a difficult task to present a policy which aims for rapid growth in exports in the face of weak global demand and the unabated persistence of the global economic crisis, which erupted 4 years ago. The Euro Zone crisis poses areal risk of destabilizing the fragile recovery and sinking the world into yet another recession."
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