India aims to double exports to $500 billion in 3 years

Buoyed by a 37.5-per cent increase in India's fiscal 2011 exports, the government has set a target of more than doubling it to $500 billion over the next three years, from $246 billion worth of shipments last fiscal.

To achieve the $500 billion target by 2013-14, exports from the country have to grow at a compound average annual growth of 26.7 per cent.

"The target is to double the country's merchandise exports in dollar terms over the next three years (2011-12 to 2013-14) from $246 billion in 2010-11 to $500 billion in 2013-14," the government said in strategy paper.

"We must aim for more than a doubling of exports in three years to $500 billion. This is achievable, with a determined effort. More importantly, we cannot afford any less than this," commerce and industry minister Anand Sharma said in the strategy paper.

Sharma said the strategy hinges on aggressive marketing of 'Brand India' and reducing transaction cost to make exports more competitive.

The export drive would be led by sectors like engineering, gems and jewellery, chemicals and textiles.