Commerce Secretary Rahul Khullar on Saturday envisaged a “difficult” 2012-13 in terms of trade.
Talking to journalists here on Saturday after handing over the Export Excellence Awards, he said “exports are under pressure and the exports demand has dampened.” He described the scenario as not rosy.
Similarly, on the import side, procurement of certain essential items — fertilizer and crude — continued to keep climbing. “Some disciplining is needed in imports,” he stressed.
He expected a growth rate of 6-7 per cent in Gross Domestic Product “provided there are no further economic shocks.”
Underlining the need for bringing inflation under control, he said: “It is a complex issue and a difficult fiscal situation which is being corrected and we are on the right track,” Mr. Khullar said.
“You cannot keep on spending beyond your means and subsidies should come down. You should be willing to pay more, according to the value of the item. That is the only way out,” he said.
On land acquisition, which had become a major issue with regard to various developmental activities, he was clear that “public good should dictate.”
“This is what history tells us — even in the United Kingdom and the United States. Land acquisition cannot be divorced from history all time to come.”
He said there were any number of public purposes for which land would have to be acquired — be it rail track or airport. There could not be development without affecting some people's interests.
“This would just be a pipedream. The price of land for an industry should be in sync with the industry.”