Govt Asks Exporters To Move Up The Value Chain.

India's medium term export strategy is according top priority to changing the value proposition for pharmaceuticals, electronics and auto component exports besides suggesting a plan to get a toehold into the high technology space.

"Rapidly changing technology requires us to adapt production and export strategies to provide products that meet consumer/producer demands in our exporting markets," the document prepared by the commerce ministry said.

The government had said that it is looking to double India's exports to $450 billion over the next three years and had stated its intent to diversify it market as part of the plan.

The medium term export strategy document lists out the high technology areas and those requiring greater research and development.

In terms of the new areas it has said that environmental products, green technology and high-value engineering products are areas that need the attention of Indian companies.

Electronics, aerospace, and engineering products are identified as high-end areas.

In case of sectors such as pharmaceuticals Indian companies have already managed to acquire a strong footing in the generics space once medicines go off patent. The government now wants them to move up the value chain by entering in a big way in the formulations market and expanding the generics base as more drugs come off patent.

Similarly, in case of electronics, it said the focus should be on semiconductors.

"Establishing at least one fabrication facility in the next three years, which, in turn, will spawn a large growth in the domestic electronics industry," the strategy paper said.

Again in case of auto parts where international giants are depending on Indian companies to meet their global needs, the strategy paper has suggested that upgrading auto-component production to higher value-addition, and progressively expanding it from the small, to the medium car segment, by becoming internationally competitive is the need of the hour.

Source : timesofindia.indiatimes.com