India's exports to double by 2014

India's exports of goods and services are expected to double by 2014, while the government policy aims at doubling India's share in global trade by 2020, commerce and industry minister Anand Sharma said.

Addressing members of the parliamentary consultative committee attached to his ministry on Thursday, the minister said, for achieving this, the country should achieve an annual export growth of 15 per cent over 2010-11, while the country should be able to come back on the high export growth path of around 25 per cent per annum in the remaining three years.

During the last five years, Sharma said, India's exports witnessed robust growth, reaching a level of $185 billion in 2008-09 from $63 billion in 2003-04.

"Our share of global merchandise trade rose from 0.83 per cent in the year 2003 to 1.45 per cent in the year 2008. Our share of global commercial services export rose from 1.4 per cent in 2003 to 2.8 per cent in 2008. India's total share in goods and services increased from 0.92 per cent in 2003 to 1.64 per cent in 2008", he added.

The minister further stated that while the impact of global recession is still continuing on our exports, the stimulus packages have started showing their impact in arresting the steep decline in exports. "Gems and jewellery exports have now been stated to be stable and improving, pharmaceutical exports are reasonably stable and some agri products like tobacco, flowers, vegetables etc are also still doing well," the minister pointed out.

To meet the objective of sustained growth in exports, Sharma said "our endeavour is to have a policy environment through a mix of measures, including fiscal incentives, institutional changes, procedural rationalisation, efforts for enhanced market access across the world and diversification of export markets."