India should target $100 bn exports to China by 2018: FIEO
New Delhi: Given the huge potential of India in the global tarde market, the country should target USD 100 billion exports to China by 2018, apex exporters body FIEO on Monday said.
In 2011-12, India's exports to China were USD 18 billion.
"We should target USD 100 billion of exports to China by 2018, which requires a compound annual growth rate of about 30 percent. This is challengeable yet achievable target given the potential of the country," Federation of Indian Export Organisations (FIEO) President Rafeeque Ahmed said in a statement.
The government is concerned over widening trade deficit with China, which has touched USD 40 billion in 2011, and is also taking steps to bridge the imbalance.
Speaking at the inauguration of China Import and Export Fair (CANTON), Ahmed said that participation in such fairs would provide necessary exposure to companies and boost India's exports to China.
The FIEO President urged the manufacturing firms to look at value-added exports, as China is gradually exiting from various industry segments involving large labour force.
"As manufacturing cost in China is going up, it provides opportunities for other Asian countries to catch up with China and India with huge technical manpower certainly will have an edge," he said in a statement.