New Delhi: India's exports have crossed $100 billion in 2005-06, registering a growth of 25 per cent. Imports meanwhile have increased to $140 billion in 2005-06, up 32 per cent from last fiscal, with non-oil imports accounting for $97 billion.
India has now set a target of 20 per cent growth in exports in the current financial year as demand from traditional and new markets increases, commerce and industry minister Kamal Nath said on Friday.
Announcing the annual supplement 2006 to the Foreign Trade Policy, commerce and industry minister Kamal Nath introduced two new schemes - focused product scheme and focused market scheme - to promote exports of specific products such as fish, leather, sports goods, and handlooms in specific markets like Africa.
"We have seen the trade winds changing. The centre of gravity of trade has shifted from the Atlantic Ocean to the Indian Ocean," Nath said.
Unveiling a series of steps to boost trade, the minister said exports could hit $165 billion by 2009/10. The minister also stated that imports of precious metals and stones easier would be made easier in order to promote export of gems and jewellery.
He also stated that the "Vishesh Krishi Upaj Yojna" has been expanded to include village and cottage industries.
also see : Foreign Trade