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2011-02-24

$450 bn exports in next 3 years: Sharma

India is aiming to double its exports to over USD 450 billion, in next three years from an expected USD 225 billion in the current fiscal.

Anand Sharma Union Minister for Commerce and Industry declared at a press conference in New Delhi that India is aiming to double its exports to over USD 450 billion, in next three years from an expected USD 225 billion in the current fiscal. The nation's exports grew by 32.5 percent year-on-year to USD 20.6 billion in January on account of increasing demand in the western markets. During April-January this fiscal, the country’s exports went up by 29.4 percent to USD 184.6 billion.

Speaking on the announced Foreign Trade Policy (FTP) 2009-14, he said that the Department formulates implements and monitors the FTP which provides the basic framework of a medium term strategy to be followed for promoting exports and trade. To attain the policy objectives, it was decided to use a mix of policy instruments including fiscal incentives, institutional changes, procedural rationalization, obtaining enhanced market access across the world, and diversification of export markets.
 
Addressing the media on the strategy for doubling exports, to increase exports to USD 450 billion, in next three years from an expected USD 225 billion in the current fiscal year, Sharma said, "The long-term vision of the Department of Commerce (DoC) is to make India a major player in world trade by 2020, and assume a role of leadership in international trade organizations commensurate with India's growing importance."

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