Sectors like IT and energy have the potential to raise the value of India's exports to $1 trillion, or 5 per cent of the global trade, by 2020, but the government needs to devise a concerted strategy, FIEO said.
The commerce ministry aims to take India's exports to $1 trillion in the next 10 years from the present $177 billion, FIEO, the apex body of exporters said.
"The export target for grabbing India's share of 5 per cent in the world trade is challenging but achievable," FIEO president A Sakthivel said, adding a concerted strategy needs to be devised by the government.
India's exports in 2009-10 were estimated at $177 billion.
The government should push sectors like high technology exports, processed foods, leather, carpets and handicrafts, IT & ITES, energy, textiles and clothing, pharma and healthcare, FIEO said.
FIEO said India is likely to get major investment in high technology sector over the next decade as opportunities in the US, Japan and Europe are on the decline.
"We can look forward for an export of $400 billion from this segment," Sakthivel said. Over 250 fortune 500 countries have already set their R&D base in the country.
IT and IT enabled exports could increase to $250 billion by 2020. "The growth will come from new verticals like health care, media, utilities etc," he said.
On the energy front, FIEO suggested that emphasis on reducing carbon emission would pave the way for natural gas exports. India with its largest gas hydrate deposits in the world can become the largest producer of gas as well.
By 2020, the pharmaceutical market is anticipated to more than double to $1.3 trillion, with the E7 --Brazil, China, India, Indonesia, Mexico, Russia and Turkey -- accounting for one fifth of the global pharmaceutical sales, the chamber said.
Besides, India needs to target a steady growth of 15 per cent to 20 per cent in textile exports to enable the sector to increase its share in world textiles and clothing exports.
