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Default India Aims to Double Exports to $500 bln by 2014 - 11-07-2011, 11:03 AM

New Delhi, Nov. 5: Amid looming global uncertainty over the Eurozone debt crisis and bleak growth prospect in 2012 India has prepared a multi-pronged strategy for doubling exports to $500 billion by 2014, with an annual growth of nearly 26.7%.

Attending the meeting of Consultative Committee on the Commerce & Industry Minister of Commerce, Industry & Textile Anand Sharma said, “The strategy paper has been prepared in the backdrop of complex global economic environment….. bringing fresh fears of a double dip depression.”

Citing the Reserve Bank of India’s report on current account deficit, which stands at 3.1% of GDP in June, Sharma said that it is a crucial imperative to give a concerted push on exports.

Expressing his view on role of export Sharma said, “Apart from earning valuable foreign exchange, exports as an instrument of providing gainful employment to millions of people across the country and enabling India to play a much larger role in a globally integrated world.”

To achieve the target of $500 billion exports by 2014 the strategy paper outlined four pronged strategy namely, Product Strategy; Market Strategy; Technologies and R&D and Building a Brand image.

The strategy paper has identified engineering goods; Basic chemical industries and organic and inorganic chemical industries, Pharmaceutical industry and Electronics sectors where there is a considerable growth potential.

Minister informed that sector wise, engineering goods exports could touch $125 billion, chemical industry could touch $25 billion and drugs, pharma and basic chemicals would $44 billion and electronic exports $17 billion.

Apart from this, ministry has set a target of $70 billion for gems and jewelry sector and for agri exports the target is $22 billion.

Although, India is recording exceptional growth on exports front in recent month several agencies are questioning the validity of the data saying that over 50% of export growth in last six months, as government data shows does not match with the industrial growth index, which is heading south.

India's export in September 2011 grew exceptionally by 36.37% to $24.82 billion in September 2011 as compared to $18.20 billion in same month last fiscal, data released by Ministry of Trade and Commerce showed. During first six months (April-September) of current fiscal (2011-12) exports grew by 52.38% to $1.60 trillion as compared to $1.05 trillion in corresponding period last fiscal.

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