Govt To Come Out With Strategy To Double Exports.

The government said it will soon come out with a comprehensive strategy to double India's exports by 2014.

"...we have come out with a strategy paper and plan of action which will be put in place two weeks from now," Commerce and Industry Minister Anand Sharma said in New Delhi at a leather industry function.

The commerce ministry had sought stakeholders comments on its strategy paper, which came out in February, for doubling exports to USD 450 billion by 2013-14.

The draft paper calls for setting up a technology upgrading fund, financial support to various sectors and special focus on new markets, besides clearing infrastructure bottlenecks.

Commenting on the impressive growth of India's exports in 2010-11, Sharma said that the outbound shipments have registered growth mainly in new markets like South America, Asia and Africa.

"Most of the exports growth has come in from new markets.

Only from South Americas, there have been 74 per cent increase in exports," he said.

The US and Europe were the traditional markets for Indian exporters, but after the global economic crisis, exporters increased their engagement in the new markets of Asia, Latin America and Africa.

The government is providing duty incentives to exporters or these new markets.

India's exports registered the highest ever growth of 37.5 per cent at USD 245.9 billion during 2010-11.

Source : indianexpress.com