The Government’s target of doubling exports to $500 billion by 2015 is achievable, said S.R. Rao, Commerce Secretary, Ministry of Commerce and Industry.

Speaking on the sideline of a Confederation of Indian Industry summit, he said: “The country can expect some policy announcements in the next 3-4 weeks which would help India achieve its target of $500 billion y 2015.”

Underlining the significance of emerging economy in global trade flows, he said that the emerging nation’s share in global trade flows has risen to 42 per cent with a large portion accountable by South-South trade.

“South-South trade has multiplied more than 10 times in the last two decades compared to global trade which grew four-fold in this period,” Rao said.

Adi Godrej, President-CII, and Chairman of Godrej Group, said India needs to take advantage of the opportunities such as the possibility of supply chains currently based in China being relocated, and find ways to integrate itself more effectively in the new value chain.

Putting the onus on companies for promoting exports, TCA Ranganathan, CMD, Exim Bank of India, said while the government and industry have to play an equally important role in formulating an effective strategy, it is the strategy of individual corporations that will play a bigger role in the success of exporters.

Last year India’s external merchandise trade was close to $780 billion contributing close to 47 per cent of the national GDP.

“Our exports have breached the $300-billion mark though our imports remain a hefty $470 billion generating a large trade deficit, which are a matter of concern,” he added.

heena.k@thehindu.co.in

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