Kolkata, Mar 1 (IBNS): To focus on powering the Indian growth story and the role of financial institutes, technology and infrastructure, the Bengal Chamber organised an International Trade Conclave on India’s International Trade Growth within the emerging markets here on Friday.
Deb A Mukherjee, Senior Vice President, The Bengal Chamber and Managing Director, Cenergist Energy Private Limited, said: “Strong secular growth trends in EM have spurred a monumental supply-side response through innovation, reforms and improved capacity utilization. At the same time, recent shifts in developed-world trade policy towards a more protectionist stance, have contrasted with the more broadly free-trade outlook of EM countries.
“The eastern part of our country is rich in minerals, there is a huge scope of infrastructure building, the location of Bengal is quite unique to connect with the entire ASEAN countries, majority of the emerging markets. It is important to understand the essence of opportunity of the present time and discuss the success story of the major players.”
In his keynote address, David Rasquinha, Managing Director, Exim Bank of India stated, “India’s growth story, especially since start of 21st century has been remarkable. According to IMF, India has emerged as the fifth largest economy based on nominal GDP and third largest based on purchasing power parity during 2017. Although growth moderated during 2017-18 reflecting major economic policy reforms such as introduction of GST coupled with demonetisation of higher denomination currency notes, there has been a strong rebound in the second half of the year taking overall growth in 2017-18 to 6.9%.
“According to IMF’s World Economic Outlook, January 2019, India was expected to grow by 7.3% in 2018 and is projected to further grow at 7.5% in 2019 and 7.7% in 2020. Overall Europe and North America continue to contribute to more than 1/3rd of India’s exports. Africa has seen an improvement in its share from 7.5% in 2009-10 to 8% in 2017-18. Further within Asia, India’s exports to South Asia have increased from 5% to 8% during the period.”
Others present in the conclave were Sushanta Kumar Mishra, VP (Operations), tat Steel Special Economic Zone Limited, Amit Datta, Joint Secretary-Exports and director and member Secretary-WBSEPS, Govt. of West Bengal, Shri Aninda Chatterjee, MD, WEBEL, Mr. A Mandal, Chairperson Emeritus, International Trade Committee and President-Business Development, Techno Electric and Engineering Company Limited among others.