New Delhi, Nov.14 (ANI): Union Commerce and Industry Minister Anand Sharma said here on Sunday that a robust growth of over 27 per cent in exports during the first six months of Financial Year 2010-11 has fuelled hopes that India may cross the trade target of USD 200 billion for the entire fiscal.
In April-September this fiscal, Indian exports aggregated to 103.30 billion dllars, a 27.6 percent increase vis-a-vis the corresponding year-ago period.Speaking after inaugurating the annual India International Trade Fair (IITF) in New Delhi on Sunday, the Union Minister said: "In the first six months, we have achieved USD 103 billion (worth of exports) and am sure that we will be on course to complete USD 200 billion (target) and go beyond."
India's exports, which declined by over 3 percent to 178.75 billion dollars in 2009-10, shot up by an annualised 23.2 percent in September this year to a two-year high of USD 18.02 billion.
Underlining the need to increase India's share of global trade, Anand Sharma said: "By 2014, we expect to double India's export of goods and services. It shall be our endeavour that industry and government work in tandem and work closely to achieve this target as well."
He informed that to reduce dependence on US and European markets, the exporters have been encouraged to look beyond traditional destinations at new markets like Africa, Latin America and the Far East.
The Union Minister also disclosed on this occasion that in January, 2011, India will sign two more Comprehensive Economic Partnership Agreements (CEPA), one with Malaysia and another with Japan, and will commence negotiations for a separate pact with Indonesia. (ANI)