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EZUELA UNDER SPECIAL FOCUS MARKET GROUP: ANALYSIS OF INDIAN TRADE AND
EXPORT OPPORTUNITIES
Abstract Venezuela has been added under the Special Focus
Market Scheme with 4% duty credit, taking the total
The Union Minister for Commerce, Industry & number of countries to 50.”
Textiles Shri Anand Sharma released the Annual
Supplement 2013-14 to the Foreign Trade Policy Why Venezuela? Since Venezuela has emerged as a
2009-14. Following is the text of the Speech delivered strategic country in terms of global trade and
by him on 18th April 2013 at New Delhi, “Ladies and business network, even India has taken note of it and
Gentlemen, I have the privilege of presenting the has started engaging in business with Venezuela.
Annual Supplement 2013-14 to the Foreign Trade
Policy. The WTO in its latest report has revised the The analysis highlights Indian exporting scenarios
global trade growth projections downwards from and trade relationship with Venezuela, a country
3.7% to 2.5% which is less than half of the previous which has been given priority under ‘Special Focus
20 years average. This is indeed a disturbing trend. Market Scheme’. The paper explores the export-
We view exports not only as a valuable source of import journey of Indian players to Venezuela in the
foreign exchange, which helps in stabilizing the past and at present. Also it illustrates the potential of
Current Account Deficit, but it is also a key strong trading relationship in between India and
contributor to growth and employment. Venezuela and with other South American countries
In the financial year 2012-13, India’s exports have in the forthcoming years.
crossed US$ 300 billion, but compared to previous
year, it fell by 1.76%. While engineering, electronics, Keywords: Trade Policy, Export Promotion, Special
chemicals, pharmaceuticals and textile items have Focus Group, Trade Relationship
been included in the Focus Product Scheme,
Introduction: Country Analysis of Venezuela
Prof. Amit Kumar, Assistant Professor IILM
Graduate School of Management, Greater Noida South America’s largest economy Venezuela has
Email:- amit.kumar@iilmgsm.ac.in, been one of the world's leading exporters of oil.
Venezuela is one of the most urbanized countries in
Ms. Priyanka & Ms. Rashmi, Students IILM Latin America. The country’s capital, Caracas is also
Graduate School of Management, E-Mail - the largest city in the world where the vast majority
priyanka.aggarwal.pgdm15@iilmgsm.ac.in, of Venezuelans live. Since 20th century after the
rashmi.jha.pgdm15@iilmgsm.ac.in discovery of major oil fields, country has been one of
the world's leading exporters of oil and has the largest
oil reserves.
66
EXPORT OPPORTUNITIES
Abstract Venezuela has been added under the Special Focus
Market Scheme with 4% duty credit, taking the total
The Union Minister for Commerce, Industry & number of countries to 50.”
Textiles Shri Anand Sharma released the Annual
Supplement 2013-14 to the Foreign Trade Policy Why Venezuela? Since Venezuela has emerged as a
2009-14. Following is the text of the Speech delivered strategic country in terms of global trade and
by him on 18th April 2013 at New Delhi, “Ladies and business network, even India has taken note of it and
Gentlemen, I have the privilege of presenting the has started engaging in business with Venezuela.
Annual Supplement 2013-14 to the Foreign Trade
Policy. The WTO in its latest report has revised the The analysis highlights Indian exporting scenarios
global trade growth projections downwards from and trade relationship with Venezuela, a country
3.7% to 2.5% which is less than half of the previous which has been given priority under ‘Special Focus
20 years average. This is indeed a disturbing trend. Market Scheme’. The paper explores the export-
We view exports not only as a valuable source of import journey of Indian players to Venezuela in the
foreign exchange, which helps in stabilizing the past and at present. Also it illustrates the potential of
Current Account Deficit, but it is also a key strong trading relationship in between India and
contributor to growth and employment. Venezuela and with other South American countries
In the financial year 2012-13, India’s exports have in the forthcoming years.
crossed US$ 300 billion, but compared to previous
year, it fell by 1.76%. While engineering, electronics, Keywords: Trade Policy, Export Promotion, Special
chemicals, pharmaceuticals and textile items have Focus Group, Trade Relationship
been included in the Focus Product Scheme,
Introduction: Country Analysis of Venezuela
Prof. Amit Kumar, Assistant Professor IILM
Graduate School of Management, Greater Noida South America’s largest economy Venezuela has
Email:- amit.kumar@iilmgsm.ac.in, been one of the world's leading exporters of oil.
Venezuela is one of the most urbanized countries in
Ms. Priyanka & Ms. Rashmi, Students IILM Latin America. The country’s capital, Caracas is also
Graduate School of Management, E-Mail - the largest city in the world where the vast majority
priyanka.aggarwal.pgdm15@iilmgsm.ac.in, of Venezuelans live. Since 20th century after the
rashmi.jha.pgdm15@iilmgsm.ac.in discovery of major oil fields, country has been one of
the world's leading exporters of oil and has the largest
oil reserves.
66
