Business

India will definitely recover: Anand Sharma

“There is no need to panic. The government and the policymakers will face the situation and do whatever it takes to control the situation. I have full faith in the industry and they have the capacity to bounce back," said the Union Minister for Commerce and Industry, Anand Sharma on the falling rupee, while addressing the gathering at CHEMEXCIL exports award function here today.

CHEMEXCIL, which deals with the export promotion of basic chemicals, pharmaceuticals and cosmetics, organized its export award function last week, felicitating chemical goods exporters for their excellent performance in 2009-10 and 2010-11.

The Minister, who graced the event with his presence, appreciated the industry, which is playing a major role in India’s economic growth. He commented, “This sector plays a very important role in India. It has the potential to grow much more, provided we create an environment which is encouraging and supportive of investments.”

India’s exports of basic chemicals, dyes and cosmetics and related items have increased manifold. “To have a 7% share in the GDP, 5% share in India’s overall exports and a 13% share of industrial output, this is definitely a significant contribution that the industry has given,” the minister said.