What it’ll take to achieve goods exports of $400 billion
We have a ready blueprint for export success but here are seven points that demand attention
We are aiming for merchandise exports of $450 billion in a couple of years." This was a statement from India’s minister for commerce and industry. “We are concentrating on higher value products such as engineering, drugs and pharmaceuticals, leather and textiles," he added. In addition to the pursuit of free trade agreements, the minister mentioned that tax and trade reforms were also necessary, as well as a decrease in transaction costs. The commerce secretary too assured us that the present fiscal year’s exports, growing between 25% and 30%, were ahead of target, and saw no reason why India couldn’t reach an audacious goal of $450 billion in a couple of years. A strategy paper to double exports in three years had been prepared by his ministry.