The government on Wednesday sought public comments on a draft strategy paper on exports that seeks to more than double India’s merchandise shipments to $450 billion by 2014.
“We are requesting all respondents to give us their comments by March 23 so that we can move forward and finalise the Strategy paper before the close of the fiscal year,” said Anand Sharma, the commerce and industry minister. “There is a product strategy where clearly we need the build on the intrinsic strengths of our industry such as engineering and chemicals.”
The pharmaceutical industry which has been dominated by generic has the prospect of great expansion not just in terms of the expansion of space of generics as more and more medicines go into the sunset clauses of intellectual property rights, but also in collaborative research and new drug discoveries.
“The electronic hardware industry is an area we have not yet reached our potential and it is my belief that as our engagement with the world increases, we will be able to facilitate the establishment of electronic hardware manufacturing facilities for the export market in India,” Sharma said.