India's merchandise trade is on way to touch $750 billion in the current fiscal, accounting for 68% of the country's $1.1 trillion economy which is fast integrating with the rest of the world.
"We are on course, when it comes to India's overall trade...The two-way trade crossed $600 billion last year and must cross, as per my assessment, $750-760 billion, that is excluding trade in services," Commerce and Industry Minister Anand Sharma said here today.
Opening textile fair 'Tex Trends India,2012', he said the country's exports are expected to reach $300 billion.
In the nine-month April-December period, the outward shipments aggregated $217.6 billion with year-on-year growth of 25.8%.
Likewise, growing by 30.4% imports were $350.9 billion in the same period.
"If you get $80 billion exports in the remaining quarter (January-March, 2012), you are looking at close to $300 billion..And imports may touch about $460 billion," Commerce Secretary Rahul Khullar said earlier this week.
Referring to the performance of textile exports, Sharma said the shipments are likey to touch $33 billion in the current fiscal.
During FY11,textiles sector achieved exports of $26.8 billion.
