India targets 25 percent growth in exports

New Delhi, Nov 4 (IANS) India will double its exports by 2014 on the back of 25 percent annual growth and a diversified market, Commerce and Industry Minister Anand Sharma said Thursday.

‘With the help of a set of measures announced recently, we will be able to achieve the target of $200 billion exports in this financial year,’ Sharma said at a consultative committee meeting of the commerce ministry here.

He pointed out that India’s exports had increased 27.6 percent to $103 billion in the first six months of current fiscal as against $81 billion during the same period last year.

He said the government had adopted a multi-pronged strategy – providing a stable policy regime, adopting a conscious market diversification plan, providing additional support to sectors hit badly by the global recession, encouraging technological up-gradation of export sectors, and undertaking simplification of procedures to reduce transaction costs – to boost exports.

Emphasising the need to diversify exports, Sharma said: ‘It is important to have a diversified market and ensure a better risk management for our exports to buffer against any challenges which may come with the changes in global economy.’

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