The 'little ambitious' exports target of USD 400 billion for the current fiscal is achievable but it requires aggressive marketing strategy and venturing into new markets, FIEO said on Monday.
Federation of Indian Exports Organisation (FIEO) President A Sakthivel also said that free trade agreements with countries including UK, Europe, Australia, and the US would help further push the country's exports.
He said that push for marketing may come from these agreements and such pacts will also help in attracting foreign investments particularly those looking at both the Indian markets and exports.
"One of the reasons for the success of Vietnam, in attracting investment and relocating units, is its effective FTAs (free trade agreement) with the rest of the world. It is extremely encouraging that the government is moving simultaneously with many trade partners in this direction," the new President told reporters.
He urged both the Industry and the government to increase their marketing budget.
Sakthivel suggested the government to look into enhancing Market Access Initiative funds from the current level of Rs 200 crore and formulation of a scheme for marketing aimed to take exports to USD 1 trillion in the next five years may be rolled in with a minimum corpus of Rs 1,000 crore annually.
"The government aims at the export of USD 400 billion in the current fiscal. This looks a little ambitious but certainly achievable... Such a target requires an aggressive marketing strategy and venturing into new markets. My priority will be export promotion. I will create an export promotion cell to identify new markets and new products," he said.
FIEO also plans to create direct communication with all Missions and utilise its services to sell Indian products and services in the global markets.
Further, he said, "exports should be a national priority" and all the stakeholders should work in tandem to achieve it.