India aims to double exports to $500 bn in three years

The government has prepared a multi-pronged strategy for achieving an annual average growth in exports of around 26.7 per cent, in order to double the country's exports to $500 billion by 2014.

The strategy paper, adopted in May after a detailed consultative exercise with the exporting community, aims at doubling India's exports in three years, commerce and industry minister Anand Sharma said.

''Clearly, this is a challenging task given the complexities and uncertainties of recent economic developments,'' Sharma said while addressing a meeting of the ministry's consultative committee in New Delhi today.

Quoting Reserve Bank estimates, Sharma said the country's current account deficit has touched 3.1 per cent of GDP in June this year, which makes a concerted push on exports crucial to the health of the economy.

''Apart from earning valuable foreign exchange, we view exports as an instrument of providing gainful employment to millions of people across the country and enabling India to play a much larger role in a globally integrated world,'' the minister said.

The export strategy, which is based on the four pillars of product, markets, technology and brand image, have identified thrust areas for India's exports, Sharma said.