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Indian exports to reach $500 billion target by 2014

Helped by market diversification and incentives announced in the foreign trade policy, India is likely to achieve the export target of $500 billion by 2013-14.

"I believe that we are on course to achieve the $500 billion target," Commerce and Industry Minister Anand Sharma said here at a FICCI function.

Sharma said that although the traditional exports destinations - the US and Europe are important, there is a need to focus on new markets like Africa, Latin America and Central Asia.

The government has announced several incentives for exporters to explore new destinations under focus market and focus product scheme.

The minister also expressed concerns over widening trade deficit which has touched $185 billion in the last fiscal.

In 2011-12, exports grew by 21 per cent to $303.7 billion.

The government has announced fiscal incentives, including interest subsidy to help exporters in the wake of global economic uncertainty.

"I hope the exporters will benefit from incentives announced in the foreign trade policy," he added.