We can double exports by 2015, says Commerce Secretary

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

Speaking on the sidelines of a Confederation of Indian Industry Export summit here, he said, “The country can expect some policy announcements in the next 3-4 weeks which would encourage the industry and exporters.”

When asked whether India will be able to achieve the $360-billion export target for this fiscal, he said, “it is difficult.”

Underlining the significance of emerging economies in global trade flows, he said their share in global trade flows had risen to 42 per cent with South-South trade accounting for a large portion.

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

Adi Godrej, President, CII, and Chairman, Godrej Group, said if supply chains currently based in China are relocated, India needs to take advantage of that by finding ways to integrate itself more effectively in the new value chain.

T.C.A. Ranganathan, CMD of Exim Bank of India, said that while the Government and industry have an equally important role to play in formulating an effective strategy, it is the strategy of individual corporations that will play a bigger role in achieving the export target.

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 is a matter of concern,” the Commerce Secretary said.