The Government is keen to double its exports by 2013-24 to USD 500 Billion. To achieve this target, Indian exporters need to gear up to face the changed situation in World scenario. We have to diversify into newer markets and newer sectors. India has to strengthen it’s footprint in new markets in Asia, African and Latin America. India has to become a major player in World Trade by 2020 and has to assume a role of leadership in International Trade Organizations which will commensurate with India’s growing importance. Exports are increasingly becoming important to Indian economy. CII is actively engaged with Indian government to adopt ideal mix of policy instruments including fiscal incentives, institutional changes, procedural rationalization, obtaining enhanced market access across the world, and diversification of export markets. From a long term perspective, accelerating growth in merchandise exports would build up the manufacturing strength of Indian economy. Contours of India’s merchandise trade with the rest of the world have changed dramatically in the past six years. While the combined share of the US and the European Union as destinations of Indian exports declined to 30% in 2010-11 from 40% in 2004-05, the share of shipments to Asian economies jumped to 54% from 47%. Exports to Latin America and Africa also increased to 12% of the total from 10% in the same period. Government of India outlined a three-pronged strategy to achieve the goal: (a) Retain presence and market share in the “old developed country markets”; (b) Move up the value chain in providing products in these old developed country markets; and (c) Open up new vistas, both in terms of markets and new products in the new markets.
The Government is keen to double its exports by 2013-24 to USD 500 Billion. To achieve this target, Indian exporters need to gear up to face the changed situation in World scenario. We have to diversify into newer markets and newer sectors. India has to strengthen it’s footprint in new markets in Asia, African and Latin America. India has to become a major player in World Trade by 2020 and has to assume a role of leadership in International Trade Organizations which will commensurate with India’s growing importance. Exports are increasingly becoming important to Indian economy. ...