Engineering Exports Promotion Council of India (EEPC) has set a target of $110 billion for engineering goods exports from the country by 2014, minister of commerce and industry Anand Sharma said.
Releasing the strategy paper on the `Growth of Engineering Exports' commissioned by EEPC India and carried out by Ernst & Young, in New Delhi today, Sharma said engineering exports from India have grown considerably in the last few years with a growth rate that has been much higher than the world average.
"This, indeed, is a robust target and if engineering is able to maintain its share of nearly 22 per cent in total exports than by 2014, India's total exports should be in the range of $500 billion", he said.
The minister said there is a major transformation taking place in the world markets. "The global economic recession is likely to leave its imprint for some more time, particularly in the developed world and hence it is important that our exporters concentrate on two critical ingredients for future growth: to remain competitive as also maintain quality and secondly to diversify into new markets. The strategy paper, I hope, has enough inputs that members of EEPC India can productively deploy and benefit from", Sharma added.
During the interaction, the minister further stated that the DGFT is carrying a sectoral review of the exporting scenario, wherein all aspects of the policy related problems and major hurdles are being looked into sector by sector.
He said the amendments to the new Foreign Trade Policy announced in August last would reflect the concerns of the exporting community and initiate steps within our means to help exporters reach greater heights.