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14% growth in exports must for 8% GDP growth: Pant
New Delhi, Nov 28: Planning Commission today said exports should grow by 14 per cent if an over 8.0 per cent GDP growth rate is to be achieved, and asked the industry to shun all bias against liberalisation of imports and foreign investment.
New Delhi, Nov 28: Planning Commission today said
exports should grow by 14 per cent if an over 8.0 per cent GDP
growth rate is to be achieved, and asked the industry to shun
all bias against liberalisation of imports and foreign
investment.
"The principal argument for encouragement of foreign
investment flows into the country arises from the need to step
up growth rate of the economy and foreign exchange financing
requirement that arises from it," Planning Commission Deputy
Chairman K C Pant said inaugurating the annual management
convention of Noida Management Association here.
Favouring greater inflow of foreign investment, pant said it has dual benefits, it enables the country to target higher growth rates without running into the dangers posed by external indebtedness and also brings in superior technology forcing the domestic industry to become more efficient.
He said India's market policy, a combination of opening up to foreign investments, liberalisation of trade and government directed export orientation, has reaped good results but there were some "apprehensions in the minds of our entrepreneurs that liberalisation of imports and foreign investment may lead to serious problems in our industrial economy".
There was a "preconceived bias" that relationship between foreign and domestic entrepreneurs was meant to be "adversarial", he said.
Bureau Report
Favouring greater inflow of foreign investment, pant said it has dual benefits, it enables the country to target higher growth rates without running into the dangers posed by external indebtedness and also brings in superior technology forcing the domestic industry to become more efficient.
He said India's market policy, a combination of opening up to foreign investments, liberalisation of trade and government directed export orientation, has reaped good results but there were some "apprehensions in the minds of our entrepreneurs that liberalisation of imports and foreign investment may lead to serious problems in our industrial economy".
There was a "preconceived bias" that relationship between foreign and domestic entrepreneurs was meant to be "adversarial", he said.
Bureau Report