PM sets trade target at $500 bn

Setting a target of $500 billion for two-way trade by 2010, Prime Minister Manmohan Singh on Friday directed various ministries to work towards removing constraints to exports, including infrastructure bottlenecks, and easing of labour laws.

"We have suggested that infrastructure bottlenecks and rigid labour laws should be addressed," Kumaramangalam Birla, chairman of the reconstituted board of trade, said after the first meeting with the Prime Minister.

"We placed before the Prime Minister both industry-specific issues and general issues of concern of trade and industry. We had a good discussion with the Prime Minister and the Commerce Minister," Birla, who is the chairman of the AV Birla Group, said.

He said the board also called for a change in mindset, faster growth in the manufacturing sector and strengthening the 'Made in India' brand in global markets.

"Prime Minister has asked the different ministries to work on the ideas suggested by the Board of Trade to address constraints faced by trade and industry," Commerce and Industry Minister Kamal Nath said after the meeting.

Nath said the board, an advisory body of the commerce ministry, would work out a strategy to synergise India with the global economy and help the country emerge as a prominent global economic player.

This would also enable India achieve its goal of touching a trade figure of $500 billion in the next five years. The thrust would be on increasing agricultural, marine and leather exports, he said.