India to double exports by 2025: Prabhu

The government is working on a comprehensive strategy to double the country's exports by 2025, Commerce Minister Suresh Prabhu said today.

Issues related to exporters were discussed during a stakeholders' meeting to discuss a strategy for revitalising India's exports and doubling the exports by 2025.

"This is necessary in view of challenges like uncertainty of global trade, rigid approach of banks affecting availability of credit, high logistics cost and productivity standards and qualities," an official statement quoting Prabhu said.

Minister of State for Commerce and Industry C R Chaudhary will be the chairperson of this mission and will review the work of different export promotion councils and divisions of the ministry.

In 2017-18, the country's merchandise exports grew by 10 per cent to USD 303 billion, while services exports rose by 18.8 per cent to USD 195 billion in the same period.

The ministry is also taking meetings with key ministries for preparing sectoral export strategies.

Prabhu stated that a special strategy is being prepared for the services sector to achieve broad-based growth instead of the existing pre-dominance of IT-ITeS.

The ministry said that commodity and territory specific strategy is also being prepared for items like gems and jewellery, textiles, engineering, electronics, chemicals, pharma, agri and marine products.

Territory specific strategy will cover North American Free Trade Agreement (NAFTA), Europe, North East Asia, ASEAN, South Asia, Latin America, Africa, Australia and New Zealand.

The commerce minister said that apart from traditional markets, India must also look at boosting trade with smaller countries.

He also said that exporters should not miss the opportunity presented by China's consumer market.