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Govt aims to double India's share in global trade by 2018-19
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SME Times News Bureau | 27 Nov, 2014
The government has set a long term vision to increase country's exports of
Merchandise and Services from present level of USD 464.1 billion (2013-14) to
approximately USD 900 billion by 2018-19 (CAGR approximately 14 percent) and
take India's share of global exports to above 3 percent, Commerce and Industry
Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha on
Wednesday.
Also the minister said that the government has fixed its merchandise export
target of USD 340 billion for the current fiscal.
An aggressive product promotion strategy for high value items that have a
strong manufacturing base is the main focus of the overall growth strategy. The
core of the market strategy is to retain presence and market share in
traditional markets, move up the value chain in providing export products in
the developed countries' markets; and open up new vistas, both in terms of
markets and new products in these new markets. Strengthening efforts to build a
brand image for important Indian exports, and promote a thrust for quality
up-gradation.
The focus sectors have been identified as pharmaceuticals,
electronics, automobiles, computer and software based smart engineering,
environmental products etc. Labour intensive leather, gems & jewellery and
textile sectors have high value addition, and have been areas -of- strength.
Product diversification in these sectors with high value-addition has been
accorded high priority.
Focus of the strategy is to penetrate into the markets in
Asia (including ASEAN), Africa and Latin America to strengthen our presence in
newly opened up markets. At the same time our aim would be to deepen engagement
in the older markets.
As per the latest available data for April-Sept 2014-15 the
10 top export items are: Petroleum products; Pearls, Precious, Semiprecious
Stones; Gold and other precious metal jewellary; Drug formulations,
biologicals; Iron and Steel; RMG Cotton including accessories; Products of Iron
and Steel; Motor vehicle/cars; Ship, boat and floating structure; Aircraft,
Spacecraft and parts.
Top ten destinations of Indian exports during this period
are: USA, United Arab Emirates, Saudi Arabia, Hong Kong, Peopleâs Republic of
China, Singapore, UK, Brazil, Germany, Netherland.
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GOVERMENTS VISION TO INCREASE EXPORTS
DHANPAL PERUMAL PILLAY(RICHARD) | Wed Dec 3 05:30:57 2014
I BELIEVE THAT YOUR GOVERNMENT SHOULD EMPLOY KEY PEOPLE FROM THE COUNTRIES THAT IT WANTS TO TARGET.THESE PEOPLE SHOULD BE EXPERTS IN THEIR OWN FIELDS.EXAMPLE.I AM RICHARD PILLAY FROM SOUTH AFRICA,MY STRENGTH IS FOOTWEAR.I BELIEVE I COULD BE A FORCE IF I COULD FROM INDIA SELL DIRECTLY TO MAJOR CUSTOMERS IN SOUTH AFRICA AND THEN EXPAND INTO AFRICA.I UNDERSTAND THE AFRICAN AND SOUTH AFRICAN MARKET.MY POINT IS .WE SHOULD BE BRINGING INDIA TO THE TARGETED COUNTRIES VIA PEOPLE FROM THESE COUNTRIES THAT UNDERSTAND THE TARGETED COUNTRIES MARKET.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
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