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India has set a goal of
achieving $660
billion merchandise exports by 2015, maintaining an annual growth
rate of at least 23%.
The growth optimism is
based on the
performance in the last four years, which saw exports more than
double from $63 billion in 2004 to $155 billion in 2007-08.
“Our exports are not just
double of
what they were four years ago, but two-and-a-half times of that. The
average cumulative annual growth rate at 23% was way ahead of the
average growth rate in international trade,” a Commerce Ministry
document said.
For the current year, the
government
has fixed a target of $200 billion, and by 2010 exports may cross
$234 billion.
India accounted for 1.5% of
the global
trade in 2007-08, with merchandise trade aggregating to $400 billion.
With the addition of services, “our commercial engagement with the
world was about $525 billion which is equivalent to 50% of our GDP”.
The ministry document,
which has been
sent to the 13th Finance Commission, said India is committed to
achieving a 5% share in world trade by 2020.
“In practical terms, this
means a
four-fold increase in our percentage share in the next 12 years.
Considering that the world trade is itself increasing, this would
translate into an eight-fold increase in absolute terms,” the
document said. (Source: Economic Times)
August 27, 2008
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