Haryana exports register growth

Gupta said that the total export credit outstanding in Haryana had registered a growth of 19.1 per cent over March 1997 from Rs 382.5 crore to Rs 455.8 crore. The share of export credit in Haryana had increased to 8.5 per cent but the general manager of the PNB, which is a lead bank in the state felt the need to take this figure to 12 per cent. This was possible by including unconventional commodities for exports and by exploring new markets. He said that while there was a noticeable increase in exports of some items, gems, jewellery and agriculture and allied products showed some recession during 1997-98. He expressed concern over the country8217;s exports during the year which was quite low registering only 2.6 per cent over last year, resulting in an quot;all time high trade deficit of the decadequot;. Gupta said that the situation needed corrective action right at this stage to reduce the trade deficit to manageable limits. Exports needed to be boosted to a reasonable level so as to improve the trade balance.

The climate for enhancing exports had become favourable with the dollar getting stronger compared to the value of India8217;s rupee and the exporters could take advantage of the same. The chairperson, P. K. Gupta, International Banking Division, general manager from PNB Delhi observed that during the last two years, the growth in the country8217;s exports had gradually declined from 20 per cent during 1995-96 to 4 four per cent during 1996-97 and further to 2.64 per cent during 1997-98. We have to quot;do introspection to correct the causative factors for the declinequot;. The target for the year 1998-99 was 41 billion, which we must achieve in view of the grassroot level changes in the eco-political scenario in South East Asia during the past few months.

Director, Institutional Finance and Credit Control, Haryana S. S. Dhillon, in his address said that the state was committed to improving the power and road infrastructure in the state to boost exports and to develop industry.

The first instalment of the World Bank loan had already been received by the state for development of the power sector. About the threat of patenting of rights which the major export commodity of the state that is Basmati rice was facing, he felt that exporters association and also the state government has to bring about greater awareness about its impact and address the problem more seriously.