Although for the second straight year India's outbound shipments didn't meet the annual target of $325 billion, but touched $312 billion in 2013-14, registering a 3.96% growth over the previous fiscal. Exports fell slightly short of the $330 billion estimated during the five-year period.
Considering on governments open consideration on a long-term export target as suggested by the apex export's body FIEO, the organisation has recommended a target of $750 billion exports by 2018-19 in its presentation to the government. "Rather than setting annual targets, it is a better idea to work on a long-term export target while having mid-term sectoral trade reviews," the official said.
In its suggestion FIEO has also recommended the use of e-commerce platform, which can be used both for business-to-business and business-to-customers transaction.
FIEO director-general Ajay Sahai said, "There will be a need to define e-commerce-led retail exports in the FTP. These must be exempted from VAT, CST and also be allowed duty drawback and other export benefits".
According to FIEO notes in its report, Indian exports clocked a compounded annual growth rate of 17.2% between 2003-04 and 2013-14. However, the compounded annual growth rate came down to 11.01% between 2008-09 and 2013-14.