President Obama aims to double US exports in 5 years: INDIA in focus
India Can Help Obama Reach Export Goal
Insight October 1, 2010, 10:31AM EST
By Gunjan Bagla
Earlier this year, President Barack Obama announced the National Export Initiative, his Administration's ambitious plan to double U.S. exports in five years.
Where are U.S. companies to find a further trillion dollars of annual export revenue?
Having crossed the trillion-dollar mark in 2007, the Indian economy is the world's fourth-wealthiest—based on purchasing power parity—after the U.S., Japan, and China. Its growth rate has never dipped below 5.8 percent in recent years, even during the worst of the global economic crisis.
India's own statistics, which don't fully account for its vast, undocumented economy, show a growth rate of over 8 percent this year. Many believe that the country will keep growing at close to 10 percent in the next decade, barring unforeseen disasters. Growth in India is driven by domestic factors and is not hostage to exports. The Indian government has helped by lowering duty barriers and overhauling direct and indirect tax codes; moreover, the government recognizes the need for foreign technology, products, and services to keep up the growth rate.
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