Govt to cut foreigntrade target

The commerce ministry is expected to cut India's foreign trade target of $900 billion by 2020, when it comes out with a mid-term review of Foreign Trade Policy likely early next month.

Sources in the government said, while mid-term appraisal is going on, the focus areas for the FTP is a market research strategy for each country, which is engaged in trade with India. "We are continuously exploring new markets and those which are important for India from geo-political point of view," a source told DH.

He said the government is also working closely with the country's premier export promotion body Federation of Indian Exporters Organisation and asked it to prepare a market research for each country for their specific needs.

The step is being taken to increase India's exports in value terms so that they match the world's import demand. Currently India's export are supply-driven and not demand-driven.