Commerce and Industry Minister Anand Sharma said for achieving the $500 billion mark, the country's exports should grow annually by 26.7%. The export drive would be led by sectors like engineering, gems and jewellery, chemicals and textiles.
Buoyed by a surge in exports in 2010-11, the government today set a target of more than doubling India's annual exports to $500 billion by 2013-14, despite global events posing challenges in the current year.
"We must aim for more than a doubling of exports in three years to $500 billion. This is achievable, with a determined effort. More importantly, we cannot afford any less than this," according to a strategy paper released by Commerce and Industry Minister Anand Sharma here.
For achieving the $500 billion mark, the country's exports should grow annually by 26.7%.
The export drive would be led by sectors like engineering, gems and jewellery, chemicals and textiles.
As against the target $200 billion, the merchandise shipments aggregated $246 billion in 2010-11 despite problems in some European markets.
However, Commerce Secretary Rahul Khullar cautioned that 2011 is likely to be a "very" difficult year for exporters.
"It is going to be hard doing 20%(exports growth rate in this fiscal) even this year because Japan is in trouble, Europe is in trouble and the US is in trouble," Khullar said, adding, "if you get $500 billion in three years, it will be a really huge achievement."
India's exports in this fiscal is likely to be in the range of $260 billion to $275 billion, sources said.
RBI in the monetary policy said that sovereign debt problem in the Euro area, high commodity prices, especially oil prices and accentuation of inflationary pressure in emerging market economies could impact Indian economy.
"Should the global recovery slacken, it will impact our economy through trade, finance and confidence channels," RBI Governor D Subbarao said.
The final strategy paper (2011-12 to 2013-14) further said increased imports are unavoidable for feeding an economy which aspires to grow by 9-10%.
Sharma said the strategy hinges on aggressive marketing of 'Brand India' and reducing transaction cost to make exports more competitive.
The Strategy for Doubling Exports in Next Three Years' was released after extensive discussions on its draft paper released in March. The draft paper was aimed at increasing the exports to at least $450 billion.
"We have, therefore, no option but to focus on higher export growth and devise a strategy for rapidly increasing merchandise exports to ensure that the Balance of Trade and Current Account Deficit remain within manageable limits," the paper said.
Khullar said in the next two-three months, the ideas in the paper have to be converted into "quantifiable schemes or quantifiable numbers in terms of money".
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