Exports to cross $50 bn in 2002-03

The government said on Monday that the country's exports need to grow by 12 per cent a year up to 2007 to grab a one per cent share of global trade. India now has 0.67 per cent of world trade.

Commerce and Industry Minister Arun Jaitley said exports would cross the $50-billion mark in 2002-03 while announcing India's export-import policy for 2003-04.

He also said the government planned measures to boost a wide range of services exports.

"Apart from software, a host of other services now provide unprecedented opportunities in global trade and with abundant skilled manpower, India is uniquely placed to take full advantage of the growing opportunities of services exports," Jaitley told reporters.