India looking at strategy to raise exports by 20% of GDP

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MUMBAI: Union Commerce and Industry Minister Suresh Prabhurecently said India is looking at options to increase exports by at least 20 percent of the total Gross Domestic Product (GDP), as the central government is coming out with a plan for the same. It may be noted that India’s imports are generally higher in comparison to the exports, which has proved to be a significant deterrent to the economy time and again. Several articles have earlier said India should focus on balancing imports and exports to increase the country’s GDP.  Interacting with the Export Promotion Councils of the Eastern Region of Saturday, Prabhu said the government will soon come out with a strategy to make the aforementioned plan a reality, and bump up India’s exports under a new industrial policy. It may be noted that consultations with various industries have already begun he union minister stated that India was poised to become a $5 trillion economy in the next 8-10 years at the present rate of growth – something the government has reiterated many a times but there is an urgent need to bring a level-playing field between exports and imports for that to happen.  While India is inching forward to become one of the world’s largest economies, it also has to measure ways to decrease dedendency on other countries, especially China.