India targets 5 pc share in world trade in 2020

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New Delhi, May 30 (UNI) India targets to achieve 5 per cent share in the world trade by 2020 which, Commerce and Industry Minister Kamal Nath today said, would practically mean a four-fold increase in next 12 years.

Stating that when global trade is also increasing, target of 5 per cent would translate into an 8-fold increase in absolute terms, he said at the annual award function of Agriculture and Processed Food Products Export Development Authority (APEDA) here this evening.

"Ambitious the target may be, but achieving it is not impossible.

The agro exports would also have to keep pace with this rate of growth. The task is difficult, but the gains are invaluable,"he added.

He said organised retail is expected to throw up new opportunities for the service sector to invest in cold chain for strengthening backward linkages with growers.

The Minister said the Rs 430 billion export of agro and allied products, including plantations, in April-December 2007 showed a growth of 18.5 per cent over the corresponding period of the previous year. This export accounted for 9.4 per cent of India's total exports, he added.

Lauding APEDA's role, he said export of the Authority's scheduled products was expected to grow to about Rs 24,400 crore in 2007-08 in spite of restrictions on export of rice,cotton,milk products and difficulties with poultry products.

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