The government has fixed $340 billion exports target for the current fiscal. For the financial year 14, country’s outbound shipments touched $314.4 billion, a 4.7% growth over the previous fiscal year, but remained below the set export target at $325 billion. During April to October FY15, India’s exports increased by 4.72% y-o-y to $18.97 billion.
Commerce and Industry Minister Nirmala Sitharaman has stated that long-term vision of the government is to increase India's exports of merchandise and services from present level of $464.1 billion to about $900 billion by 2018-19 with a CAGR of about 14 percent and take India’s share of global exports to above 3 percent.
Further, Nirmala Sitharaman stressed that export growth strategy will focus on retain presence and market share in traditional markets, move up the value chain in providing export products in the developed countries markets and open up new vista, both in terms of markets and new products in these new markets. Strategy also made to strengthen India presence in newly opened up markets in Asia (including ASEAN), Africa and Latin America. An aggressive product promotion for high value items that have a strong manufacturing base is the main focus of the overall growth strategy, the Minister added. The focused sectors have been identified by the government to boost shipments are pharmaceuticals, electronics, automobiles, leather, gems and jewellery and textile.