"We have set an export target of USD 450 billion by FY 14, which is double than USD 252 billion achieved in the FY 11," Minister of State for Commerce and Industry Jyotiraditya Scindia said while addressing the Capexil conference here.
The exports during the first five-months of FY 12 were almost up by 45 per cent at USD 125 billion. In August itself, the exports were at USD 25 billion which was 52 per cent higher on YOY basis, Scindia said.
The greater productivity and lower cost has helped the country''s exports. We are concentrating on higher value products area such as engineering, drugs and pharmaceuticals, leather and textiles, which contributes nearly USD 140 billion. We expect it to double to USD 290 billion in FY 14, he said.
The country needs to improve its exports to GDP ratio in line with several developing countries.
"We need to concentrate on improving our exports to GDP ratio, which is at 17 per cent as compared to Thailand''s 66 per cent, South Africa''s 27 per cent and China''s 35 per cent," Scindia said.
The country has signed several bilateral agreements to boost exports. We have signed 16 FTA agreements, including those with Korea, Malaysia, Japan and expect to sign 16 more FTA agreements in coming years, he said.
India's trade with Asian, South African and Latin American countries have increased substantially in the recent past, he said.
Assuring exporters that the UPA government is committed to reforms, he said, "We need stable policy environment.
Fiscal reforms, tax reforms, trade facilitation and decreasing transaction costs will help achieve our exports targets,".