Sharma hopes to double India’s exports by FY14 despite bulging trade deficit
16 Dec 2011
The government is sticking to the target of doubling the country's merchandise exports from an estimated $246 billion in 2011-12 to nearly $500 billion in 2013-14, despite the continuing fall in its exports.
Commerce minister Anand Shrma still expects exports from the country to grow at a compound annual average growth rate of 26.7 per cent.
Over the long term, the government's Foreign Trade Policy (FTP 2009-14) aims to double India's share in global trade by the end of 2020, through appropriate policy support.
Sharma still hopes to build on the country's strengths in engineering goods, basic chemicals and organic and inorganic chemicals, pharmaceuticals (including biotech) and electronics to boost exports.
The government, he said, intends to promote light manufacturing exports with high value addition, including gems and jewellery, leather, textiles, agricultural products etc. These sectors are also high employment generating ones
The policy also calls for a shift in market focus – from the developed West to markets in Asia (including ASEAN), Africa and Latin America - even as the country retains its presence in the markets of the developed world with value-added products. This will open up new vistas, both in terms of markets and new products in these new markets, according to Sharma.