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Business News/ Politics / News/  India aspires for $660-bn merchandise exports by 2015
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India aspires for $660-bn merchandise exports by 2015

India aspires for $660-bn merchandise exports by 2015

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PTI

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.

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Published: 24 Aug 2008, 01:21 PM IST
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