'Exports likely to hit $280 bn this fiscal'

NEW DELHI, INDIA: India's total exports is likely to hit the $280 billion-mark this fiscal, driven by the market diversification strategy, said minister of state for Commerce and Industry Jyotiraditya Scindia on Sunday.

“We should be able to close 2011-12 at about $280 billion...I think the strategy is very clear,” Scindia told a news agency in an interview. He said the game plan involves profiling new products in 'certain geographies' where shipments would be incentivised.

“Perhaps the geographies which pretty much rule the world in the years to come in terms of import growth and export for us are not much in the developed economies, as they are going to be with developing economies,” Scindia is quoted by the report.

Also read: Indias Exim Policy 2010 - 2011

In the first half of the current fiscal (April- September), India's exports have shown a remarkable growth of 52 per cent year-on-year at $160 billion. However, there has been a widespread fear recently that the growth will slow down in the next two quarters due to the ongoing debt crisis in European economies and the sluggish trend in the US economy.

Europe and the US account for a third of India's exports.

The minister said that India was optimistic about growth in the developing nations, throwing opportunities for the Indian exporters. Demand would come from Latin America, Africa, parts of Asia, Indonesia and Oceania, he added.

During the first quarter of 2011-12, country's exports to Africa and Latin America grew around 120 per cent and 74 per cent, respectively.

Industries must export value added products

“There are going to be difficult times but I think along- with difficult times come opportunities,” Scindia said.