The government is aiming at doubling India's exports to $450 billion by the 2013-14 fiscal from an estimated $225 billion in the current year. For this, exports from the country would have to grow at a compounded average annual rate of 26 per cent per annum, commerce and industry minister Anand Sharma said while releasing a strategy paper on exports today.
Sharma said the strategy is to accelerate the growth of exports so as to keep the country's trade deficit within manageable limits.
Over the medium term, this can be achieved by building on the country's strengths on certain critical industries such as engineering and chemicals, he said.
While the engineering sector has done considerably well over the past few years, Sharma said there is a need to move up the value addition chain for high value precision engineering both for domestic production and exports. The strategy has been formulated with help from the Engineering Export Promotion Council (EEPC), he added.
"We have set ourselves a target of tripling engineering exports to $120 billion by 2015," the minister said.
But, for engineering exports, India needs to move up the value chain, both in terms of domestic production and exports.