What is new in the medium-term export strategy?
The 2002-07 strategy has been framed against the backdrop of the changed global trading environment under the World Trade Organisation (WTO). The key elements of the strategy include examining the import basket of major economies in which we have a small presence and also Indias existing export basket. Thus both supply and demand sides have been taken into account in identifying Indias potential export items. The earlier strategies had concentrated on the supply side. An institutional mechanism has been suggested to monitor the implementation of the strategy and to provide the dynamic track against which progress can be measured. Mid-course changes, if any, due to the rapid changing circumstances will be made based on the recommendations of the action committee being set up for implementing the strategy. What are the suggestions to enhance price competitiveness? The twin policies to enhance price competitiveness are maintaining an appropriate level of REER (real effective exchange rate
