Government unveils new strategy to double exports

Briefing reporters, Commerce Minister Anand Sharma, said the new export strategy paper, which will supplement the Foreign Trade Policy for five year period (2009-14), hinges on four specific areas having crucial bearing on boosting export.

These include boosting of export of specific products, development of format for marketing Indian products abroad, development of technologies and R & D for making Indian products competitive and building a brand image for Indian products.

The paper, which aims at ensuring export to grow at a compound average growth of 26.7 per cent per annum,  has been finalised after examining suggestions received from various stakeholders.

Enhanced focus

It suggests that export drive in the coming three years would be led by emerging sectors like engineering, electronic goods, biotech and pharmaceutical products. The focus will also be on boosting job-intensive sectors like gems and jewellery, leather products and textiles.

The paper suggests enhanced focus on market diversification by identifying new emerging overseas markets for Indian products.

“We will be focusing on markets in Asia, including Asean, Africa and Latin America and engagement by way of bilateral and regional trade agreements, to open new vistas for market access,” Sharma said.

“But we will retain our presence and expanding our market share in established developed country markets in Europe and North America and move up the value chain with sophisticated value  added products in these markets,” it suggests.

The third pillar revolves around promoting high technology exports which will cover the entire pharmaceutical and bio technology spectrum, electronic hardware, automobile, computer based smart engineering, environmental goods, high end areas of aerospace, engineering and electronics.

Brand building

The paper also suggest on building a Brand India image, through improving quality processes and expanding certification of export products and undertaking aggressive promotional campaigns for key products.