New Delhi: India has set an ambition of achieving $660 billion merchandise exports by 2015, maintaining an annual growth rate of at least 23%.
The growth optimism is based on the performance in the last four years, which saw exports more than double from $63 billion in 2004 to $155 billion in 2007-08.
“Our exports are not just double of what they were four years ago, but two-and-a-half times of that. The average cumulative annual growth rate (CAGR) at 23% was way ahead of the average growth rate in international trade,” a Commerce Ministry document said.
For the current year, the government has fixed a target of $200 billion, and by 2010 exports are expected to cross $234 billion.
India accounted for 1.5% of the global trade in 2007-08, with merchandise trade aggregating to $400 billion. With the addition of services, “our commercial engagement with the world was about USD 525 billion which is equivalent to 50% of our GDP”.
The ministry document, which has been sent to the 13th Finance Commission, said India is committed to achieving a five per cent share in world trade by 2020.
“In practical terms, this means a four-fold increase in our percentage share in the next 12 years. Considering that the world trade is itself increasing, this would translate into an eight-fold increase in absolute terms,” the document said.
Exporters share the government’s confidence but want a helping hand to achieve the ambitious target. “The targets are achievable provided an export-friendly environment is created to make our products globally competitive,” President of the Federation of Indian Export Organisations Ganesh K Gupta said.