The Federation of Indian Export Organisations (FIEO) on Monday said that IT and energy sectors had the potential to take Indian exports to $1,000 billion or 5 per cent of the global trade by 2020.
However, the federation said a concerted strategy needs to be devised by the Government to meet the challenge.
The Union Commerce and Industry Ministry aims to take exports to $1,000 billion in the next 10 years from the present $177 billion, FIEO President A. Sakthivel said. “The export target for grabbing India's share of 5 per cent in the world trade is challenging but achievable. A concerted strategy needs to be devised by the government,” he added.
India's exports in 2009-10 were estimated at $177 billion. The federation said the government should give a push to sectors such as high technology exports, processed foods, leather, carpets and handicrafts, IT & ITeS (IT-enabled Services), energy, textiles and clothing, pharma and healthcare. “India is likely to get major investment in high technology sector over the next decade as opportunities in the U.S., Japan and Europe are on the decline. We can look forward for an export of $400 billion from this segment,” he said.
IT and IT-enabled exports could increase to $250 billion by 2020. “The growth will come from new verticals such as healthcare, media and utilities,” he said. On the energy front, the federation suggested that emphasis on reducing carbon emission would pave the way for natural gas exports. India with its largest gas hydrate deposits in the world can become the largest producer of gas as well.
By 2020, the pharmaceutical market is anticipated to more than double to $1.3 trillion, with the E7 — Brazil, China, India, Indonesia, Mexico, Russia and Turkey — accounting for one-fifth of the global pharmaceutical sales
