Kolkata, Nov 21 (Calcutta Tube/IBNS): Commerce & Industry Ministry Joint Secretary Sumanta Choudhuri here on Saturday said there were several key strategies that needed to be adopted before India could harboour ambitions of doubling trade volume by 2014.
Speaking at inaugural session of the EXIM Summit organised by Indian Chamber of Commerce (ICC) he said that the country needed to focus on reducing in transaction costs; infrastructure development; and a comprehensive diversified sector specific approach boosting trade.
There is an abject need to follow a disaggregated sector specific approach to identify the critical sectors possessing high export potential in addition to new markets for boosting exports, he said.
A sharp increase in transaction costs is a matter of grave concern, radically affecting proceeds from India’s traded volume, he noted.
Measures to check rise in transaction costs, as such must be accorded top priority, he said.
So far 100 such critical factors have been identified, he explained, work on which has already been started.
Also, widespread development to address the USD 1.3 trillion infrastructure gap is another step which must be given critical importance if India aims to achieve the desired trade target, he said.
The Joint Secretary rooted for a Public-Private Partnership (PPP) model to address this.
He also underscored the growing importance of Asian, African and Latina American countries and that “breathtaking opportunities” lie for India especially its East and North East to explore.