Ten times increase in exports required by 2017: Assocham

New Delhi, Sep 28 (PTI) Concerned with the continuous fall in India's share in the world trade, Assocham has called for hiking the country's export potential 10 times by 2017 and increase foreign direct investment. "In view of 380 per cent negative growth recorded in India's share of world trade in over 60 years, from three per cent in 1947 to 0.8 per cent now, India needs to hike its export potential by 10 times in next 10 years with inserting efficiency in manufacturing, services and governance," an Assocham statement said.

In a paper on 'Cost Competitiveness' it said, focus on export competitiveness will result into increased FDI inflow which should be enhanced to about 100 billion dollar per annum by 2017, the current ceiling for which is estimated at 10 billion dollar.

The paper suggests that good governance can unlock India's latent potential and push it to achieve 10 per cent GDP growth rate every year, provided a relevant manufacturing policy is put in place and focus is also laid on creating hundreds of coastline economic zones in the next 15-20 years with economic incentives.

Also, the chamber said, Non-Resident Indians should be encouraged to park their surpluses in the country as 20 million NRIs save about 80 billion dollar per annum. PTI