Indian Minister of Commerce and Industry Anand Sharma has expressed hope that 2014 will see further improvement in Indian economy.

New Delhi, Jan 1/Nationalturk: With the onset of new year, Indian Minister of Commerce and Industry Anand Sharma has expressed hope of improvement in economy in 2014.

“In 2013, India was rated as the Most Favoured Investment (MFI) destination globally. The bold decisions of the India for liberalizing Foreign Direct Investment (FDI) policy in key sectors such as civil aviation, retail and telecom have resonated with the global community and we have seen results in the last few months,” Sharma said in a statement issued here.

‘Indian Govt will continue with liberalizing FDI policy’

The minister said Indian government will continue its endeavour for liberalizing the FDI policy further in the coming weeks to ensure that country retains its leadership position for attracting foreign investments.

“I am also happy to see that manufacturing seems to be on the mend and there is visible rebound in industrial activity. The Indian economy has inherent strengths which give it resilience from external pressures and the series of steps taken by the country both on the fiscal and current account front have yielded positive results,” Sharma said.

‘Greater push for development of industrial sector’

The Indian minister expressed the hope that coming months will see a greater push for development of industrial corridors across the country and work will commence for establishment of the first few cities along the Delhi-Mumbai Industrial Corridor.

“I expect that with greater foreign investment and technology collaborations, Indian manufacturing will also move up the value chain and acquire greater competitiveness globally,” he said.

He further said there is also optimism about the scenario on the export front.

‘Exports have done well despite weak demand’

“Inspite of weak demand in traditional markets, exports have done reasonably well and in the first eight months of the current financial year, exports touched US$ 204 billion, registering a growth of over 6% over the same period last year,” Sharma said.

He said it was also reassuring that the trade deficit also came down to US$ 99.9 billion during this period as compared to US$ 129 billion during the same period last year. “We are hopeful that in the remaining period of this financial year, exports will show a strong and dynamic growth”.

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