Commerce and industry minister Anand Sharma suggested today that India is likely to achieve exports of $500 billion by 2013-14 – up from $300 billion in the last fiscal year – helped by incentives announced in the government's recently announced foreign trade policy.
"I believe that we are on course to achieve the $500 billion target," Sharma said at a function organised by the Federation of Indian Chambers of Commerce & Industry (FICCI).
Sharma said while traditional export markets like the US and Europe remain important, there is a need to focus on new markets like Africa, Latin America and Central Asia.
He said the exponential increase in exports would also occur thanks to market and product diversification strategies promoted by the government.
India's exports increased by 20.94 per cent to $303.71 billion in the financial year ended 31 March 2012, surpassing the government target of $300 billion, Sharma pointed out.
He said the addition of seven new markets to the 'focus market scheme' and 46 new items added to the 'market linked focus product scheme' would further boost exports.
"We were clear in our mind that we could not wait for demand to revive in our traditional markets of the US and Europe after these countries suffered the severe fallout of the global financial crisis. We recognised the need to expand the scope and coverage of the Focus Market Scheme, which now covers 112 markets across the world," Sharma said.