Sluggish demand in the developed markets notwithstanding,the commerce ministry on Tuesday said it is confident of meeting the export target of $500 billion by 2015.
Commerce Secretary SR Rao said that in order to achieve this target,a multi-pronged strategy is needed to reposition India in the global value chain.
Indias exports in the April-July period was down over 5 per cent compared to the first four months of the previous fiscal,largely owing to decline in demand in the European Union and continued uncertainty in the US. The target for the current fiscal is $360 billion.
In the next 15 years,emerging economies are poised to account for more than half the global economy and we need to understand the changing global economic scenario, said Rao. He was speaking at the Third CII Export Summit here.
Despite India crossing the $300 billion mark,trade deficit continues to be a matter of concern,said Rao.