Export base should be widened to create employment : Economist
Hyderabad, Apr 10 (UNI) Noted Economist and former World Bank Consultant Professor Bhanoji Rao today asserted that the country's export base should be widened to provide employment opportunities to the educated unemployed comprising 10 per cent of the country's population.
Participating in a round table discussion on 'Foreign trade policy 2004-2009', organised by Gitam Institute of Foreign Trade here, Mr Rao said India's primary problem was unemployment which would not be solved if the Foreign Direct Investments (FDI) were not encouraged to provide employment as well as to develop markets.
Stating that 50 per cent of the country's exports comprised iron ore, ash and salg during 2005-06, he said the country should increase its export base from raw meterials to garments and electronic goods.
India had 0.1 per cent patent rights out of 5.4 million patents in which 80 per cent patents rights were posessed by the developed countries, Mr Rao said. 'We should encourage innovative studies among the children from the grossroot level, he added.
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