By IANS,
New Delhi : India needs to bridge its technological gaps and invest heavily in research and development to improve its products which can compete in global markets, says an industry lobby.
The Associated Chambers of Commerce and Industry (Assocham) says India’s exports are expected to go down by 10 percent in the current fiscal.
The exports would be around $180 billion against the targeted $200 billion by the end 2010-2011, since a fall in export growth rate has become visible and this is likely to continue for the remaining period of the current fiscal.
This is because countries like Germany, Spain, Italy and Portugal have gone in for fiscal consolidation as their economies have begun rolling back stimulus packages, and their impact will be seen on export proceeds, said D.S. Rawat, secretary general, Assocham.
African and South American coutnries are the major hope for exports since India has described them as focussed regions, Assocham said.