Government Maps Region Specific Export Potential, Identifies Pharma & Auto-component
June 21, 2016
To achieve larger export share on globe, Government of India has started mapping region & sector specific export potential and has identified pharmaceutical sector to be potential for Europe and auto components in South America.
According to the officials, the exports need to be strategized so as to capture the larger share in global exports as it is in negative direction since last 18 month. The value of Indian exports during 2015-16 was $ 261.1 billion, around 15.8% lower as compared to the previous year. The government wishes to increase export to $ 900 billion by 2018-19 and country’s share to 3% from the existing 1.7%./
Also, the government has asked the export promotion council for pharmaceutical sector PHARMEXCIL to prepare a forecast of expected Compounded Annual Growth Rate (CAGR) for the next four years taking 2015-16 as the base year of country’s pharmaceutical exports to Europe.