Exports may reach $500 billion in five years

Good news - Indian exports are like to touch the $500 billion mark in the next five years, if every thing goes well, according to media reports. In order to reach the figure mark special attention should be given on labour oriented sectors says the Confederation of Indian Industry (CII). Currently, India's exports account for just 3.5 percent of Africa's total import demand and just 0.7 percent of import demand of Latin America and Carribbean countries. CII indicated that there was need for a combination of policy initiatives, technology infusion, infrastructure improvement, access to markets, innovation in product development in scale of production. The exports of $126 billion was recorded in the year 2006-07 and it is expected that it would rose to $155-160 billion in the current year 2008. Whereas, the Foreign Trade policy (2004-09) expects exports could touch the mark of $200 billion in the current fiscal.