Big export target
08/04/2008
India’s exports could reach $500 billion within five years, with the government highlighting the leather sector as one of main drivers.
In announcing the projectd figures, the Confederation of Indian Industry (CII) said incentives would be available to boost the leather sector.
A report from the organisation said leather was one of four sectors in which India should aim to be among the top three exporters in the world. The other three are textiles, engineering and gems and jewellery. Together they account for more than 50% of India’s current export portfolio.
CII said India’s export strategy should also focus on fastest growing markets: Latin America and the Carribbean and Africa.
Currently, India’s exports account for just 3.5% of Africa’s total import demand and just 0.7% of import demand in Latin America and Carribbean countries.
“These shares can easily be doubled with minimum efforts in the next two to three years,” the CII report said.
The organisation said it expects India’s exports to reach $500 billion by 2013, if the past growth-trend continues. India’s exports for the fiscal year 2007–08 are expected to be between $155 billion and $160 billion.
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