India's share in world trade just 1.2 pc in 2006

New Delhi, May 16 (UNI) Notwithstanding impressive growth rate of nine per cent and highest inflow of foreign direct investment (FDI) of 15.7 billion US dollars in 2006-07, India's share in world trade was just 1.2 per cent last year.

In a written reply in Rajya Sabha today, Minister of State for Commerce and Industry Jairam Ramesh said as per the World Trade Organisation (WTO), Indian exports worth US 120 billion dollar in 2006 accounted for one per cent share in world's exports, while her share in world's imports was 1.4 per cent valued at 174 billion US dollar.

On financial year basis, the country's total exports in 2006-07 was valued at 125 billion US dollar, according to directorate general of commercial intelligence and statistics.

Replying to another question, the Minister said the government has set an export target of 160 billion US dollar for the current financial year.

Answering yet another question, Mr Jairam Ramesh said total foreign exchange earned by export-oriented units in the first nine months of 2006-07 was 8.1 billion US dollar, comprising just nine per cent. Such units get multiple concessions such as duty-free import and domestic procurement and reimbursement of central salex tax on capital goods, raw materials and corporate tax exemption on export income for ten years, the Minister added.

UNI