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India's Commerce Minister says the country is aiming to increase its share of global trade, to 15 percent. The target is the latest sign the rapidly-developing country is set to contribute more to the global economy.
Speaking at a trade policy seminar, India's Commerce Minister says the country is aiming to increase its share in global trade to 200 billion U.S. dollars.
Anand Sharma, Indian Commerce Minister said "For a country of India's size, its resources, especially the human resources, the spirit of innovation and enterprise, our share is abysmally low in the global trade. This has to change. We had set very modest targets, because of the uncertainty of $200 billion this year, looking at a growth of 15 percent(, and thereafter adding 25 percent every year to double India's trade)."
India's exports, which make about one-fifth of its economy, returned to double digit growth in November after last year's prolonged slump.
The Minister says if India wants to grow, it needs to find its rightful place in the global economy.
Anand Sharma said "Sixty percent of the global economic trade is taking place from the developing countries. Asia is contributing half of the global economy, and I am given to understand that in less than a decade, the big countries will be contributing more than 50 percent of the GDP growth of the world. So, therefore, we need to engage with these regions, that's why we stepped out."
The pace of growth for the country's export sector slowed down in July from a month ago, reflecting a dampening base effect and demand contraction in Europe and the United States. The government predicts uncertainties for the sector over the next six months.