A government panel, headed by the Commerce Secretary, has been set up to work out a sector-wise strategy aimed at giving a fillip to the manufacturing sector exports over the next five years.
While the strategy, which will form a part of the 12th Five-Year Plan proposal, could take up to two months to formulate, the panel will focus on the engineering, leather, gems and jewellery, textiles and sports goods sectors.
Of late, the government brought to light a strategy paper on exports growth, which has set a target of about $400 billion for export of manufactured products by 2014. It may be noted that manufacturing goods accounted for about 80 per cent of the country's total exports, which shot up 56.9 per cent year-on-year to $25.9 billion in May.
Although the Prime Minister, Dr Manmohan Singh, has set a goal of enhancing manufacturing as a percentage of the country's gross domestic product (GDP) to 25 per cent from the existing 16 per cent, curbs on output could act as a deterrent.
With India making forays into new regions, the growth of manufactured products exports has shot up in the past few months. Economists opine that country would have to raise its export competitiveness in order to accomplish a higher level of sustainable growth.
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