8
1 POLICY WATCH this Issue Inside Message From the Director General .. 1 Chandrajit Banerjee, Director General, CII CEO Speak ....................................... 2 Sanjay Budhia, Chairman, CII National Committee on Exports & Imports and Managing Director, Patton International Limited Policy Barometer .............................. 4 Industry Voices ................................. 6 Factfile ............................................. 7 D espite increasing close linkages and interdependence of the Indian economy on the global economy, the impact of global recession on Indian exports has been minimal as India's exports rose an annual 21 per cent to US$ 303.7 billion in 2011-12. Such growth against the backdrop of numerous challenges is indeed spectacular. It is indicative of the amazing entrepreneurship of Indian exporters, coupled with their aggressive intent of diversification, both at the product and country level, which is supported by the government through market-linked incentives. Looking at India’s export performance since the post-independence era, it is interesting to note that India's dependence on its traditional export markets has been waning. After languishing at 12-15 per cent for three decades, India's trade with Asia and Asean countries picked up dramatically during the last decade. From just over 14 per cent of India's total trade in 2001, trade with Asia/ Asean region surged to 56 per cent in 2005- 06. By 2012, trade with the region had spurted to 68 per cent, clocking an annual growth rate of 35 per cent. The WANA region, comprising parts of West Asia and North Africa, showed an exponential growth rate during the last decade and today accounts for over 25 per cent of India's total trade. Trade with North East Asia, comprising China, Japan, Hong Kong, Korea and others was growing at 44 per cent per year and accounted for 20 per cent of India's trade. Re-Aligning India's Export Focus September 2012, Volume 1, Issue 6 POLICY Confederation of Indian Industry 32 billion respectively, jointly accounting for 11 per cent of India's total trade. Considering the tremendous potential in both these regions, exporters should reap the benefits of exploiting these non- traditional markets. Also, Indian exporters should look at the SAARC and ASEAN region, since these regions have inherent potential and India’s exports to the region are still low. Looking ahead, India’s strategy should be to make Indian exports cost competitive alongwith re-aligning India's export focus. Helped by market diversification and incentives announced in the FTP, CII is hopeful that India will achieve its export target of US$ 500 billion by 2013-14. n Chandrajit Banerjee Director General Confederation of Indian Industry However, there are laggards as well. The SAARC countries account for a meagre 2.85 per cent of India's total trade. This was despite the close proximity as well as the political and economic ties that India has with these countries. Over and above the SAARC region, the Asean region also offers tremendous scope for furthering trade. Irrespective of the political and economic ties, countries such as Singapore, Indonesia, Malaysia, Thailand, Myanmar, Vietnam, Cambodia and others accounted for only 9.6 per cent of India's total trade. Given the close geographic proximity, there remains huge potential for growth in trade with these nations. Further, India's trade with Africa and Latin America has grown at a stupendous pace during the last decade. During 2011-12, India's total trade with Africa and Latin America stood at US$ 56 billion and US$

Indian Industry Confederation of Indian Industry Policy Policy Watch_Sept12617.pdf · Indian Industry Confederation of Indian Industry C on fed rati Indian Industry Confederation

  • Upload
    others

  • View
    14

  • Download
    0

Embed Size (px)

Citation preview

1policy watch

this IssueInsideMessage From the Director General .. 1chandrajit Banerjee, Director General, cii

cEo Speak ....................................... 2 Sanjay Budhia, chairman, cii National committee on Exports & imports and Managing Director, patton international limited

policy Barometer .............................. 4industry Voices ................................. 6Factfile ............................................. 7

D espite increasing close linkages and interdependence of the indian economy on the global

economy, the impact of global recession on indian exports has been minimal as india's exports rose an annual 21 per cent to US$ 303.7 billion in 2011-12. Such growth against the backdrop of numerous challenges is indeed spectacular. it is indicative of the amazing entrepreneurship of indian exporters, coupled with their aggressive intent of diversification, both at the product and country level, which is supported by the government through market-linked incentives.

looking at india’s export performance since the post-independence era, it is interesting to note that india's dependence on its traditional export markets has been waning. after languishing at 12-15 per cent for three decades, india's trade with asia and asean countries picked up dramatically during the last decade. From just over 14 per cent of india's total trade in 2001, trade with asia/asean region surged to 56 per cent in 2005-06. By 2012, trade with the region had spurted to 68 per cent, clocking an annual growth rate of 35 per cent.

the waNa region, comprising parts of west asia and North africa, showed an exponential growth rate during the last decade and today accounts for over 25 per cent of india's total trade. trade with North East asia, comprising china, Japan, hong Kong, Korea and others was growing at 44 per cent per year and accounted for 20 per cent of india's trade.

Re-Aligning India's Export Focus

September 2012, Volume 1, Issue 6

Policy

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

32 billion respectively, jointly accounting for 11 per cent of india's total trade. considering the tremendous potential in both these regions, exporters should reap the benefits of exploiting these non-traditional markets.

also, indian exporters should look at the SaaRc and aSEaN region, since these regions have inherent potential and india’s exports to the region are still low. looking ahead, india’s strategy should be to make indian exports cost competitive alongwith re-aligning india's export focus. helped by market diversification and incentives announced in the Ftp, cii is hopeful that india will achieve its export target of US$ 500 billion by 2013-14. n

Chandrajit BanerjeeDirector Generalconfederation of indian industry

however, there are laggards as well. the SaaRc countries account for a meagre 2.85 per cent of india's total trade. this was despite the close proximity as well as the political and economic ties that india has with these countries. over and above the SaaRc region, the asean region also offers tremendous scope for furthering trade. irrespective of the political and economic ties, countries such as Singapore, indonesia, Malaysia, thailand, Myanmar, Vietnam, cambodia and others accounted for only 9.6 per cent of india's total trade. Given the close geographic proximity, there remains huge potential for growth in trade with these nations.

Further, india's trade with africa and latin america has grown at a stupendous pace during the last decade. During 2011-12, india's total trade with africa and latin america stood at US$ 56 billion and US$

2 policy watch

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

CEOSpeak

India's exports crossed the US$ 300 billion target set by the government for fiscal 2011-12. Do you think there is scope for marked increase in exports in the current fiscal?

while exports, during the last fiscal, aggregated US$ 303.7 billion, imports also increased to US$ 488.6 billion, resulting in a trade deficit of US$ 185 billion. though it is anticipated that exports growth this year will be much lower than last year due to downturn in the global economy, i am hopeful that we will be able to reach the export target of US$ 350 billion for this year, considering that our trade strategy continues to emphasize on new markets and new products. a new world order is slowly emerging, with developing nations becoming the fulcrum of growth. Emerging asia, latin america, africa and the Middle East are expected to witness relatively strong growth in 2012. Diversification of the export market is one of the important strategies for accelerating india's external trade.

To what extent have the develop-ments in the global economic space impacted India’s trade and economic performance?

india is not de-coupled from the global economy, and the economic recession has had a sizeable impact on the indian economy. the decline in growth rate to 6.9 per cent, steep fall in foreign exchange reserves in the range of over US$ 10 billion and increase in the current account deficit clearly demonstrate the extent of the impact of the economic slowdown on the indian economy.

What is the prime impediment to cost competitiveness for an Indian exporter?

lack of infrastructural facilities in indian ports is negatively affecting exports as the ports are struggling to cope with commodity

traffic. ports are unable to handle the con-tainer and vessel traffic despite the decline in the economy, and in exports. india’s 6000-km long coastline has 12 major ports and 175 minor ports. these ports handle over 85 per cent of the country's international trade and the major ports, under the jurisdiction of the central Government, handle about 90 per cent of the sea cargo traffic.

a majority of these ports face infrastructural problems resulting in delay in cargo exports. infrastructure at indian ports has not grown in tandem with india's growth rate. traffic figures for major ports of india show that

congestion at ports has increased over the years.

Exporters feel that capacity building should be the primary concern of the indian government along with improving rail and road connectivity to minor ports. Most of the trade flows through major ports because of better road and rail connectivity. although the government has initiated private partnerships in the development of ports, still there is a long way to go.

Do you believe that Indian manufacturing is competitive? If not, please suggest measures to infuse competitiveness in the manufacturing sector to increase exports.

as you are aware, long-term sustainability of economic growth depends on the strength of the manufacturing sector and india should have a globally competitive manufacturing sector for boosting its export earnings. a competitive manufacturing sector can also promote advanced education, research, faster innovation and enhance the country’s knowledge capital.

over the last two decades of liberalization, the share of merchandise exports in india’s

Multi-Dimensional Approach Needed to Boost Indian Exports

Sanjay Budhiachairman

cii National committee on Exports & imports and Managing Director, patton international limited

3policy watch

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

CEOSpeak

needed as our reputation as an exporting nation suffers because of our fast-changing policies. it creates uncertainties, not just for exporters, but also for our importers.

Special Economic Zones (SEZs) con-tribute substantially to exports, but they are gradually becoming unviable. What steps should be taken to make SEZs a viable option?

in the current policy framework, SEZs no lon-ger provide lucrative offers for unit holders or developers to continue investing in SEZs. the imposition of Minimum alternate tax (Mat) and the proposed changes in Dtc question the viability of units operating in SEZs. also non-entitlement of chapter-3 benefits (FpS- Focus product Scheme; FMS- Focus Market Scheme; VKyGUy- Vishesh Krishi and Gram Udyog yojana; ShiS-Status holder incentive Scrip; Market linked FpS; and SFiS-Served from india Scheme) on exports from SEZs

and the cumbersome paperwork to procure inputs from the domestic market are also dampeners. Key issues surrounding SEZ are poor infrastructure facilities, disincentives facing manufacturing exporters in SEZs and taxation/fiscal issues.

according to cii, the following changes should be implemented to increase investment in manufacturing under the SEZ scheme:

• IntroductionofChapter-3benefits

• AbolitionofMAT

• Introduction of 10 year 100 per centincome tax holiday for units in operation

• Procurement from DomesticTariffAreas(Dta) should be simplified by allowing duty-free procurement against Domestic procurement certificate as was done earlier n

GDp has increased from 6.3 per cent in 1990-91 to 16 per cent in 2010-11. in the same period, imports, as a proportion of india’s GDp, has increased from 8.5 per cent to 23.5 per cent. consequently, the gap between exports and imports of merchandise has increased from 2.2 per cent to 7.5 per cent of the GDp. high cost of capital, stifling regulations and cheap imports are some of the major factors responsible for making indian manufacturing uncompetitive.

to make the manufacturing sector interna-tionally competitive, india needs a multi-pronged approach. transforming india’s regulatory regime into an industry-friendly regime will require, among others, over-hauling of regulations related to docu-mentation, land acquisition, environmental clearance and taxation.

Removal of restrictions on inter-state move-ment of goods and services to ensure their seamless movement will provide resilience to the economy. Further reduction or removal of import duties on key industrial raw mate-rials will reduce working capital requirement in a high-interest regime.

when it comes to fully realising india’s man-ufacturing export potential, improvement in the transport and logistics infrastructure can bring the maximum gain to improve our competitiveness in exports.

Furthering asian economic integration will help india’s manufacturing sector in two ways: by opening up newer markets for improving scale economies and sourcing of inputs at competitive prices.

What are your views on the export strategy for food grains?

india's frequent ban on export of foodgrains and other farm commodities hinders the brand-building and long-term stable relationship building efforts of an exporter. india can export foodgrains and import from other sources if there is a shortage at home. this will help india restore some global credibility. we have to maintain our presence in the international market as well as meet our commitments. we exported only 3.5 lakh tonnes of wheat in the last two years, despite having millions of tonnes in wheat stock. a long term policy in agri products is

4 policy watch

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Policy Barometer

I ndia reached the export target set for 2011-12 mainly by following the market diversifica-

tion strategy. Exports during the last fiscal aggregated US$ 303.7 billion and imports increased to US$ 488.6 billion, leaving a highest-ever trade deficit of US$185 billion. Growth in exports is likely to taper this year and lose steam because of the economic sit-uation in the US and EU, which are the key markets for exporters. Export of commercial services is also decreasing and losing mainly on account of global companies, including large corporations in US, which are planning to cut it spending in 2012. this could hurt india’s software services exports.

according to the confederation of indian industry (cii), a few measures may help india achieve the export target of US$ 350 billion for 2012-13. the three main issues which need to be addressed are creating a fiscal and regulatory policy environment which is

conducive for exports; facilitating exports by reducing transaction costs; and creating an industry-government strategy to penetrate global markets.

Creating a Conducive Fiscal Environment

• ImplementationoftheGoodsandServicetax (GSt) has to be expedited, which can be done by resolving the differences between the centre and the states on the GSt constitution amendment Bill.

• India should try to achieve zero-ratingof exports, since indian exports are not completely zero-rated compared to other competitive countries. For project Exports also, exemptions/refunds of all taxes and duties paid on project exports should be ensured. there is an urgent need to evolve a simple procedure so that exporters are able to avail all indirect tax refunds.

•The government should consider re-introducing interest rate subvention across sectors and also include high export intensity sectors.

•High costs of credit and other bankingrelated transaction costs significantly erode the competitiveness of indian exporters compared to other emerging economies. issues like the processing charges of renewing annual limits for credit with banks, high penal interest for export payments received beyond the due date, negotiation charges imposed on exporters by banks for negotiating export documents all are very high, and need to be reviewed.

•According to CII, the governmentshould institute easy financing options with cheaper interest rates for overseas customers for importing goods and equipment originating from india to especially newer markets in africa.

•SMEsarenotgettingtherequiredexportcredit. credit/finance should be available at affordable rates to SMEs as compared

India’s Current Export-Import Scenario

high costs of credit and other banking related transaction costs significantly erode the competitiveness of indian exporters compared to other emerging economies. issues like the processing charges of renewing annual limits for credit with banks, high penal interest for export payments received beyond the due date, negotiation charges imposed on exporters by banks for negotiating export documents all are very high, and need to be reviewed.

5policy watch

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Policy Barometer

with their international competitors. the export credit limit to MSMEs should also be increased.

• Liberalization of External Commercialborrowings and shortening the period for export realization should be looked into.

• The regulatory issues and legal frame-work governing some of india’s key ser-vice sectors/professional services includ-ing software engineering, architecture, accountancy, legal services and health related services, construction, etc. also need to be amended, wherever required.

Reducing Transaction Costs

to reduce high transaction costs in order to make exports more competitive in the global market, the following issues need to be addressed:

•Thereisanurgentneedforinfrastructuredevelopment, especially, roads and ports. about 40 per cent of logistics costs are accounted for by transport of goods to final destination.

•Closeto95percentofIndia’sforeigntradeis through the sea-route, and therefore, congestion issues needs to be addressed. For example, the Nhava Sheva port (JNpt) is one of the main ports in india which handles more than 50 per cent of india’s trade and has three terminals. Quite often this port is congested, resulting in shut out of cargo, and vessels by-passing it. this port has a backlog of 7-15 days. according to cii, there is an urgent need for the development of the 4th terminal in Nhava Sheva and similarly expedite the development of other ports in the country.

•The government should offer freightsubsidy to the exporters to far off newer countries and ensure frequent sailing to these countries. Shipping corporation of india can have scheduled sailing to these sectors, in order to support indian exporters.

•Policiesgrantingpreferentialtreatmenttoexporters with good track record should be introduced and the government should promote self-certification by various export houses. these exporters can then

innovation. india may capture a larger share of the value added products in global production. this would require special assistance from the government to improve the domestic intellectual property Rights regime and innovation environment. Fiscal benefits needs to be provided to indian exporters who invest in new and more efficient plant and technology to reduce costs and improve the quality of their products.

•Consistency in Agricultural exportspolicy is a must for economic growth and brand image. Developing an export growth led strategy for indian agriculture is a preferred option for increasing the income of the farmers. this will allow the industry to plan in advance and build a better image of india internationally.

•WhileIndiahasdiversifieditsexportbas-ket as well as export markets over the years, substantial diversification in tune with world demand has not taken place. there is ample scope for increasing our exports in the areas of electronic, electri-cal, and engineering items, handicrafts and agricultural goods. n

be subjected to random checks, with the clause that any violation of rules would attract stricter penalty.

Creating an Industry-Government Strategy to Penetrate the Global Markets

•Exporters need marketing support andthe government should provide support to micro and small enterprises through the creation of an export development fund.

• India’s services sector is already facingseveral challenges. according to the Economic Survey of india, india is rapidly losing ground when it comes to global exports of commercial services. For the services-led export boom to continue in the coming decades, a services export strategy (similar to the merchandise exports strategy) has to be formulated. india should also diversify the service export basket and target new countries for export of services.

•A robust export growth would requireindia to expand its exports of medium and high technology with cutting edge

6 policy watch

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Industry Voices

to achieve the desired growth, we have to re-focus our business thoughts and calibrate our business model to be able to take advantage of emerging opportunities with regard to a differentiated product mix for exports and scouting for new geographies beyond the traditional markets. the need of the hour is to walk the extra mile by enthusing customers and enhancing service levels. we have to be innovative, and add value by creating a unique value proposition across the value chain. india has to take initiatives to re-build the relationship with neighbouring countries to facilitate the flow of goods to these countries.

however, india needs a different approach for export of critical raw materials like iron ore. india does not have adequate iron ore resources for potential steel consumption. hence, iron ore exports should be gradually decreased and a timeline fixed for complete stopping of exports of iron ore.

B Muthuramanimmediate past president, cii and Vice chairman, tata Steel limited

Under normal circumstances, a sharply depreciating rupee—which has fallen 20 per cent from last year’s levels— ought to have brought good tidings for india’s exporting community. But these are not normal times. high domestic interest rates, combined with dismal global conditions in the west and slowing economic growth in emerging markets have completely offset the advantage of a depreciating currency. as a result, india’s export performance has moved into a phase of de-growth over the first quarter of 2012-13, and it is very unlikely that the year’s target of US$ 360 billion will be met.

considering the positive impact exports have on the trade deficit, this is the best time to revise duty drawback rates upward and bring down the rate of export credit. the trade policy also needs to aggressively focus on increasing india’s product and project exports to markets that have a socio-economic profile similar to india. a number of nations in africa, South East asia, and parts of latin america are growing and a number of sectors in these nations are hitting the sweet spot. this is the right time to focus on the value of consignments and not just the volumes. For instance, the domestic engineering goods industry – which has been a star export performer in recent years-- could benefit immensely from incentives that help it move up the value chain.

Sunil Kant Munjalpast president, cii and Jt Managing Director, hero Motocorp limited & chairman, hero corporate Service limited

the volatility in exchange rates, global economic slowdown, increase in input costs and slowdown in capacity building due to decrease in investments are some of the factors affecting exports from india. the government needs to take steps to improve the overall environment for the export industry in india to overcompensate for the global economic slowdown.

S Gopalakrishnanpresident Designate, cii and Executive co-chairman, infosys limited

though there has been sign of slowdown in the last six months, however, it is not an alarming sign. Such variations have occurred earlier too. comparison of monthly exports, quarterly exports or half-yearly exports with that of corresponding periods of previous year show no significant decline in exports in absolute terms. overall, if we look at export performance, it has witnessed a growth of 20 per cent caGR in the last ten years. looking ahead, we need to give greater thrust to technology orientation of indian exports. technology upgradation schemes, such as the tUFS given to textiles sector, need to be introduced in sectors such as electronics, light engineering goods, capital goods etc. the ceiling on plant and machinery for defining MSMEs also needs to be enhanced, at par with our competitor countries like china. T C A Ranganathan

cMD, Export-import Bank of india

7policy watch

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

India's Trade Pattern from 2006-12

488.7

312.1

414.8489.0 467.1

620.9

126.4163.1 185.3 178.8

251.1303.7

185.7251.7

303.7 288.4

369.8

792.4

0

100

200

300

400

500

600

700

800

900

In U

S$ B

illio

n

India's Total Export India's Total Import India's Total Trade

2006-07 2007-08 2008-09 2009-10 2010-11 2011-12

EU - 27 19%

Other WE Countries 1.47%

East Europe 0.06%

Southern Africa 2.27%

West Africa 1.81%

East Africa 2.22%

North America 10.74%

Latin America 4.08%

East Asia 0.78%

ASEAN 10.88%

WANA 22.64%

NE Asia 16.80%

South Asia 5.14%

Central African Republic Countries

0.12%

CIS (Commonwealth of Independent

States) countries1.03%

Unspecified 1.28%

Source: Ministry of commerce & industry

Source: Ministry of commerce & industry

INDIA'S TRADE PATTERN FRoM 2006-12

REGIoN-WISE ShARE oF INDIA'S ExPoRT DESTINATIoNS IN 2011-12

Factfile

8 policy watch

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Confederation ofIndian Industry

Factfile

INDIA’S ToP TRADING PARTNERS IN 2011-12(in US$ Million)

Source: Ministry of commerce & industry

INDIA’S ToP 5 ExPoRT PRoDUCTS (Values in US$ Million)

Source: Ministry of commerce & industry

INDIA’S ToP 5 IMPoRT PRoDUCTS (Values in US$ Million)

Rank Commodity Apr-Mar 2011 Apr-Mar 2012 (P) % Growth % Share

1 petroleum, crude & products 105,964.38 154,905.67 46.19 31.67

2 Gold 40,657.24 56,434.28 38.81 11.54

3 Electronic Goods 26,573.78 32,676.40 22.96 6.68

4 pearls, precious and Semi-precious Stones 34,619.61 30,666.67 -11.42 6.27

5 Machinery Except Electrical & Electronic 23,854.19 30,195.86 26.59 6.17

Source: Ministry of commerce & industry

ExPoRTS oF ToP 5 STATES oF INDIA IN 2010-11S.No State Value (US$ Mn) Share (%)

1 Gujarat 61694 24.62 Maharashtra 53788 21.43 tamil Nadu 23378 9.34 Karnataka 13603 5.45 andhra pradesh 12567 5.0

Source: Economic Survey 2011-12

copyright © 2012 by confederation of indian industry (cii), all rights reserved.

No part of this publication may be reproduced, stored in, or introduced into a retrieval system, or transmitted in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), without the prior written permission of the copyright owner. cii has made every effort to ensure the accuracy of information presented in this document. however, neither cii nor any of its office bearers or analysts or employees can be held responsible for any financial consequences arising out of the use of information provided herein. however, in case of any discrepancy, error, etc., same may please be brought to the notice of cii for appropriate corrections.

published by confederation of indian industry (cii), the Mantosh Sondhi centre; 23, institutional area, lodi Road, New Delhi-110003 (iNDia) tel: +91-11-24629994-7, Fax: +91-11-24626149; Email: [email protected]; web: www.cii.in

For suggestions or to advertise with us, contact priya Shirali, corporate communications at [email protected]

Top 10 countries of Export Top 10 countries of Import Rank Country 2011-12 % Share Country 2011-12 % Share

1 U a E 35,858.16 11.77 chiNa 57,554.44 11.772 U S a 34,353.39 11.28 U a E 35,723.75 7.33 chiNa 17,902.98 5.88 SwitZERlaND 32,307.72 6.64 SiNGapoRE 16,794.88 5.51 SaUDi aRaBia 30,992.92 6.345 hoNG KoNG 12,932.64 4.25 U S a 23,388.76 4.786 NEthERlaNDS 9,145.45 3 iRaQ 18,939.63 3.877 U K 8,597.19 2.82 KUwait 16,370.32 3.358 GERMaNy 7,938.73 2.61 GERMaNy 15,718.61 3.219 BElGiUM 7,160.75 2.35 aUStRalia 14,855.35 3.04

10 iNDoNESia 6,666.51 2.19 iNDoNESia 14,650.11 2.99

Rank Commodity Apr-Mar 2011 Apr-Mar 2012(P) % Growth % Share1 petroleum (crude & products) 41,480.02 55,603.53 34.05 18.25

2 Gems & Jewellery 40,508.72 46,956.95 15.92 15.413 transport Equipments 16,023.53 21,171.58 32.13 6.954 Machinery and instruments 11,858.00 14,341.60 20.94 4.715 Drugs,pharmaceuticals & Fine chemicals 10,722.18 13,165.13 22.78 4.32