In News: Export promotion councils chalk out strategy to meet targets. In line with the Union Commerce Ministry’s target to triple India’s exports from $331 billion to $1 trillion in five years, export promotion councils have chalked out plans to achieve the same.
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- This means almost doubling exports of the sector in the next five years,” said president, Capexil.
- Capex promotes the shipments of chemical and allied products that contribute more than 7% of India’s total merchandise exports.
- The export target fixed for Capexil products is $25.57 billion for the year 2019-20, which marks a substantial growth compared to $ 22.24 billion in 2017-18.
- He said the exports of minerals and ore, which grew 9.39% and non-mineral products, which grew 22.42% compared with 2017-18, were set to grow further.
- Chemexcil, the export promotion council for basic chemicals, dyes, dye intermediates, agrochemicals, and cosmetics, is wooing overseas buyers to boost exports.
- Chemexcil said the focus for this year is to grow Export promotion councils in the fields of specialty chemicals, polymers and agrochemicals.
- Plexconcil, which promoters plastics’ exports, said, “Globally plastics is a $1 trillion economy and this demonstrates the vast potential that the segment holds for the fraternity in the areas of automotive, construction, electronics, healthcare, textiles, and FMCG.
- India’s plastics exports in 2018-19 were worth $10.89 billion against $8.85 billion in 2017-18, up 24% and this year, it is expected to grow further as efforts were on to boost exports to more than 210 countries.