India aims to double exports by 2014

India aims to double its exports to $450 billion by 2014 and will work on a four-pronged strategy to diversify and boost shipments out of the country, according to the Times of India. 

While an economy powered by domestic demand helped India to avoid the impact of the global financial crisis, it hasn't done enough to create manufacturing jobs.

According to a strategy paper issued by the Ministry of Commerce, India should build on its strengths in engineering and chemicals, gems and jewellery, leather products and textiles, and seek to reduce the trade deficit to less than 10%. 

India will also aim to penetrate markets in Asia, Africa and Latin America, which are expected to grow faster than markets in developed countries, said the paper. "Therefore, in the last one-and-a-half years, we have stepped up our engagement with the countries of east Asian region after signing the free trade agreement with Asean, CEPA with Japan, Malaysia and Korea and we have initiated action for similar agreements with New Zealand and Indonesia," the paper quoted trade minister Anand Sharma as saying.