Asia and Africa are fast emerging as India's exports destinations, overtaking traditional markets of the US and Europe, industry body PHDCCI said on Friday.
The share of advanced economies in India's exports decelerated from 44 per cent in 2004-05 to 37 per cent in 2014-15, it said, adding that the share of developing Asia in the country's exports has increased from 48 per cent in 2004-05 to 50 per cent in 2014-15. PHDCCI president Alok B Shriram asked the Government to give support to exporters to increase outbound shipments in developing economies of Asia and Africa. “The country needs to provide facilitation to exporters to diversify the composition of export basket with enhanced knowledge of foreign markets regarding demand for goods in high growth emerging and developing economies,” Shriram said. The country's “exports are no longer concentrated on its traditional export destinations as exporters' interest towards Asian and African markets is accelerating year after year”, he said.