New strategy to double exports unveiled: commerce minister

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New strategy to double exports unveiled

NEW DELHI: Buoyed by surge in demand for Indian pharmaceutical, engineering and chemical goods in overseas markets, the Centre on Tuesday unveiled a new strategy to double exports to $500 billion in the next three years.

“We must aim for more than a doubling of exports in the next three years to $500 billion. This is achievable with a determined effort. We cannot afford any less than this,'' stated the strategy paper released by Commerce and Industry Minister Anand Sharma here. For achieving the $500-billion mark, exports should grow annually by 26.7 per cent.

Mr. Sharma said the strategy hinged on aggressive marketing of ‘Brand India' and reducing export transaction costs to make shipments more competitive and viable. The export drive would be led by sectors such as engineering, gems and jewellery, chemicals, pharmaceutical and textiles.

In a splendid performance, exports surpassed the target of $200 billion and aggregated $246 billion in 2010-11 despite slow demand and financial problems in some European markets. The surge in exports came mainly from the U.S., some western European markets and new destinations like Latin America and Africa.

According to the strategy paper 2011-14, increased imports were unavoidable for feeding an economy which aspired to grow by 9-10 per cent. “We have, therefore, no option but to focus on higher export growth and devise a strategy for rapidly increasing merchandise exports to ensure that the balance of trade and the current account deficit remain within manageable limits,'' it said.

The main focus of the strategy paper is on: product strategy, market strategy, technology and research and development and building Brand India. “At the product level, the potential sectors that would help double exports include engineering goods, chemicals and electronics. He said the target was to increase chemical exports to $12 billion and electronic goods to $17 billion by 2013-14. “In addition, we are looking at labour intensive sectors such as gems and jewellery, leather and textiles. For the leather sector, the government has set a target of $9 billion and for textiles $42 billion in the next three years. For gems and jewellery exports, the target is $70 billion from the current $33.54 billion,'' he said.

Under the marketing strategy, there is need to focus on new markets like Asia, South America, Pacific and the Far East, the paper says. The Commerce Ministry would also promote high technology exports which would cover biotechnology, electronic hardware, automobiles, computer-based smart engineering, environmental goods and high-end areas of aerospace engineering.

Source: - The Hindu.Com




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