India eyes 5% share in world trade by 2020

The growth-oriented annual review to the Foreign Trade Policy will boost Indian exports and help the country achieve the ambitious target of five per cent share in world trade by 2020, a survey by CII has said.

"The annual supplement to the Foreign Trade Policy (2004-09) has fulfilled the Indian industry expectations," a CII CEO opinion poll said.

Over 73 per cent of the respondents said the target of India achieving 5 per cent share in world trade by 2020 is ambitious but achievable.

At present, India's share in the global trade is about one per cent. Majority of the respondents said the FTP review is growth-oriented and would help in sustaining the 8.5 per cent growth rate of the country, besides, giving the much-needed boost to the rupee-hit exports.

About half the respondents said measures taken in the policy would help enhance their competitiveness and profitability in the global market. The government has set an export target of $ 200 billion for the 2008-09, up from $ 160 billion last year.

It announced extension of the Duty Entitlement Pass Book (DEPB) scheme till May 2009 and tax exemption to 100 per cent Export Oriented Units till 2010.