Trade ministry sets export target of $200 billion for FY11
Commerce Minister Anand Sharma set a target of $200 billion worth exports for next fiscal, an achievement that India failed to attain in 2008-09 due to a decline in global demand in the face of financial disaster. Additionally, he said that India has not been affected to the same extent as other economies of the world, yet its exports have suffered a decrease in the last 10 months due to a reduction in demand in the traditional markets while the protectionist actions being adopted by some of these countries have provoked the problem whereas exports for the April-June quarter contracted by 31%, the trade ministry set a growth target of 15% for FY”10.
However, exports have been on a decline for the past 10 months while exports in FY”09 amounted to $168 billion and the country hoped to maintain the same level this fiscal. Moreover, expressing assurance that the country would be able to achieve a 25% growth rates after two years he said that by 2014, they expected to double India’’s exports of goods and services.
Additionally, the long-term policy aim will be to double India’’s share in global trade by 2020 since India’’s share in global merchandise trade went up from 0.83% in 2003 to 1.45% in 2008. Moreover, it is said that the government would encourage exports through a mix of measures including fiscal incentives, institutional changes; procedural rationalization and efforts for enhance market access across the world and diversification of export markets.
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