By KUNA
New Delhi : India Friday announced an export target of USD 200 billion for 2008-09 to boost the country’s economy.
India’s Minister of Commerce and Industry Kamal Nath, while releasing the Annual Supplement to Foreign Trade Policy, here today, lauded the achievements in exports that have been accomplished in the face of appreciation of rupee, high interest rates, spiraling oil prices, slow down in major trade markets, and withdrawal of some GSP benefits to India by other countries.
Nath stressed that India should achieve five percent share of world trade by 2020, “as a mean to achieve this, an export target of USD 200 billion has been set for 2008-09 year, he added.
India’s total merchandise trade (both exports and imports) will be 400 billion USD during 2007-08, accounting for nearly 1.5 per cent of world trade.
The Minister stated that if trade in services was added, India’s commercial engagement with the world would be to the tune of USD 525 billion.
Kamal Nath said that the new Foreign Trade Policy (2004-09) has more than doubled India’s exports in four years.
The country’s exports in 2007-08 has exceeded USD 155 billion from USD 63 billion in 2004, registering a cumulative annual growth rate of 23 per cent, year on year, way ahead of the average growth rate of international trade.
He said that the Foreign Trade Policy initiatives in the last four years has resulted in increased trade activity and has generated additional employment of 13.6 million.
Exports are not just about earning foreign exchange, but about boosting manufacturing sector, creating large scale economic activities and generating employment opportunities, Nath added.