Expressing confidence that exports will touch $225 billion in the current fiscal year, Commerce and Industry Minister Anand Sharma on Wednesday said India was aiming to double its exports to $450 billion in the next three years.
Road map for future
Releasing the ‘Draft strategy paper on exports,' which laid out the road map for the future on the exports front, Mr. Sharma said, “The long-term vision of the Commerce Ministry is to make India a major player in world trade by 2020 and assume a role of leadership in international trade commensurate with the country's growing importance.''
Exports grew by 32.5 per cent year-on-year to $20.60 billion in January on account of increasing demand in the Western markets. During April-January this fiscal, exports went up by 29.4 per cent to $184.60 billion.
As regards the engineering sector, Mr. Sharma said the sector had done considerably well and now the need of the hour was to move up the value addition chain for high value precision engineering both for domestic and export markets. “Together with the Engineering Export Promotion Council (EEPC), we have set ourselves a target of tripling engineering exports of $120 billion by 2015,'' he said.
Mr. Sharma sought public comments from the stakeholders on the draft strategy paper by March 23 to achieve the target of $450 billion by 2014.
“The reason for taking this initiative is the widening trade balance. We hope to close that gap and bring the imbalance in trade to below 10 or 9 per cent of the GDP,'' he said.
In the current fiscal, merchandise shipments were expected to touch $225 billion, much beyond the target of $200 billion, he remarked. Exports stood at $178.60 billion in 2009-10, a decline of 3.6 per cent over the previous fiscal.
“We have constituted a group of government and industry experts to come out with a clearly defined road map and strategy on how to occupy the space which is emerging on the horizon. The electronic hardware industry is an area in which we have so far not yet reached our true potential and it is my belief that as our engagement with the world increases, we will be able to facilitate the establishment of electronic hardware manufacturing facilities for the export market in India,'' he added.
“We are giving one month to the stakeholders to get back to us. All the comments received will be collated and a final strategy will be made by March 31,'' he said.
PTI reports:
Elaborating on the measures for raising exports, the paper emphasises upon the need for increasing the focus on new markets like the ASEAN countries, Africa and Latin America.
