ALSO READBudget 2018: Reeling under dwindling exports, AEPC seeks several relief Budget 2018 must focus on agriculture as growth remains sluggish: Assocham Budget 2018: Budgetary support for Indian Railways to be cut by 27% in FY18 Letters: Budget expectations Increase social security pension in Budget 2018: Economists to Jaitley
The country's exports are likely to register a growth of about 15 per cent in the current fiscal, which will translate into about $315 billion.
Increase in the outbound shipments will help in generating more jobs besides strengthening the external sector of the country.
Cumulatively, exports during April-December 2017-18 grew by 12.05 per cent to $223.51 billion.
In the last financial year, the country's total merchandise exports stood at $274.64 billion. Going by the 15 per cent growth expectation, the total figure by end of 2017-18 could reach about $315 billion.
The government is taking steps, including enhancing role of states to boost the outbound shipments, as it aims to increase the share of the country's exports in global trade from the current 1.7 per cent.
Between 2011-15, exports from the country crossed the $300 billion mark.
Commenting on this, Federation of Indian Export Organisations (FIEO) said that 15 per cent growth is very much on the card as global trade is booming supported by buoyancy in commodities.
"However, a volume-wise growth would pose some challenge due to appreciation of rupee, liquidity crunch and increasing protectionism across the globe," it said in a statement.
Currently, under the foreign trade policy, the government provides export incentives through two schemes merchandise and services export from India scheme.
In December last year, the government announced incentives worth Rs 84.5 billion to boost exports of goods and services, mainly from labour-intensive sectors.
The finance minister also said that the government will take steps to boost exports of agriculture commodities, which have the potential of reaching $100 billion.
The country's agricultural exports are around $30 billion at present.
"India's agri exports potential is as high as $100 billion against a current export of $30 billion. To realise this potential, export of agri commodities will be liberalised," Jaitley said.
He also proposed to set up state-of-the-art facility in 42 mega food parks.