MCCI Economists’ Forum, with former Union minister Shri Suresh Prabhu
The Merchants’ Chamber of Commerce and Industry on Friday, August 18, had organised its second edition of Economists’ Forum under the chairmanship of former Union minister and at present the Chancellor of Rishihood University, Shri Suresh Prabhu. Besides Prabhu other speakers were namely Shri Ashwani Kumar, Managing Director & CEO, UCO Bank, Shri Rathendra Raman, Chairman, Syama Prasad Mookerji Port Trust, Shri Sumanta Chaudhuri, International Trade Expert, Shri Subhomoy Bhattacharjee, Chief, Centre for Maritime Economy and Connectivity and Adjunct Fellow, RIS, Shri Joydeb Chatterjee, Senior Vice President & Chief Financial Officer, packaging Films, Laminated & Coated Fabric Business, SRF Ltd. and Shri Siddhartha Sanyal, Chief Economic Advisor, Bandhan Bank. The panel discussed achieving $ 2 trillion exports by 2030.
While Suresh Prabhu said that the country only making exports and no imports was not possible even if there was a deficit in trade balance. Good exports depended a lot on the quality of imports made. Syama Prasd Mookerjee Port Chairman, Rathendra Raman said that the port was building the infrastructure to carry out trade which could facilitate $ 2 trillion worth of exports. UCO Bank managing director and CEO, Ashwani Kumar said that the Bank as a nodal agency has opened Vostro accounts in 8 banks of Iran and three banks of Russia. UCO bank was eager to facilitate those all who wanted to trade with Russia.
Siddharthat Sanyal, chief economic advisor, Bandhan Bank, said achieving $ 2 trillion export target was not a huge task from US $ 770 billion in 2022-23. All it needed was a compounded annual growth rate of 14-15%, which was not a daunting task.
Sumanta Chaudhuri, International trade expert, added there were a number of compliances like ESG that could be crucial for trade growth. While tariff barriers were gradually weaning out in the course of FTAs, non tariff barriers could remain as the main impediment in achieving the growth. However, in case of service exports, India had better compliance than any other countries, added Sanyal.
Subhomoy Bhattacharjee, Chief, CMEC and adjunct fellow RIS, moderating the second session looked into the possibilities that were advantageous for India and disadvantageous for India as well. Namit Bajoria, President, MCCI, said, as long as there were inflationary pressures existing in the country, competitive manufacturing was difficult. Rishabh C. Kothari, Convener of the Economists’ Forum said seven years was not too long a time nor too short a time for the developed economies to come out of the recession. India may get the opportunity of an up-cycle, which could push trade growth, Kothari said.
(This story has not been edited by News Mania staff and is published from a Media Release)
