Source: The Economic Times, Nov 26, 2014
NEW DELHI: Government has fixed an export target of $340 billion for the current fiscal, Commerce and Industry Minister Nirmala Sitharaman said today.
Exports had registered a growth of 4.7 per cent at $314.4 billion in the previous fiscal.
Japan and the US contributed 1.84 per cent and 13.75 per cent respectively to total exports during April-September period of the current year, Sitharaman said in a written reply to the Rajya Sabha.
Growth rate of exports entered the negative zone after a gap of six months, declining 5.04 per cent in October due to a dip in shipments from engineering, pharma and gems and jewellery.
In a separate reply, she said that the long-term vision of the government is to increase India’s exports of merchandise and services from present level of $464.1 billion to about $900 billion by 2018-19 (CAGR of about 14 per cent) and take India’s share of global exports to above 3 per cent. “An aggressive product promotion strategy for high value items that have a strong manufacturing base is the main focus of the overall growth strategy.
“The core of the market strategy is to retain presence and market share in traditional markets, move up the value chain in providing export products in the developed countries’ markets; and open up new vistas, both in terms of markets and new products in these new markets,” she added. The focus sectors have been identified as pharmaceuticals, electronics, automobiles, leather, gems and jewellery and textile sectors to boost shipments.
“Focus of the strategy is to penetrate into the markets in Asia (including ASEAN), Africa and Latin America to strengthen our presence in newly opened up markets. At the same time our aim would be to deepen engagement in the older markets,’ she added. Top ten destinations of Indian exports during the first half of the fiscal are: USA, UAE, Saudi Arabia, Hong Kong, China, Singapore, UK, Brazil, Germany and the Netherlands.