New Delhi, March 31: Garments, engineering, electronics and farm products exporters will get fresh sops of Rs 625 crore as they are yet to enjoy a demand revival, though many other industries are seeing a surge in overseas sales that have emboldened the government to predict a 15-20 per cent growth in exports next fiscal.

Exports expanded — for the fourth straight month — in February by 34.8 per cent to $16.09 billion from $11.94 billion during the same period a year ago.

Commerce minister Anand Sharma said trade was likely to grow 15-20 per cent in 2010-11.

At this rate, it would be possible to reach the medium-term target of doubling exports to $320 billion by 2014 and the long-term target of doubling India’s share in world exports from 1.64 per cent to 3.28 per cent by 2020.

The new sops will be for six months starting April 1, Sharma said.

The garment sector, which is still reporting contraction in overseas shipments, will receive incentives for about 300 items — equivalent to 2 per cent of the export value.

Exporters will get the support under the market-linked focus product scheme for shipments to the US and Europe.

A. Sakthivel, president of the Federation of Indian Export Organisations, said the announcement of the focus product scheme for apparel and electronic products “will impart competitiveness to these sectors”. Apparel exports declined about 14 per cent to $862 million in January 2010.

Besides, 200 other products in engineering, electronics, farm chemicals and pesticides have been brought under the focus product scheme. These items will get Rs 225 crore.

The cost of the incentive will be borne by the commerce ministry from its internal budget. The ministry has been allocated about Rs 4,000 crore for the new fiscal.

Exports during the current fiscal, however, are likely to be lower because of poor numbers till November.

Shipments during the April-February period declined 11 per cent to $153 billion from $172 billion in the same period last fiscal, director-general of foreign trade R.S. Gujral said.

FDI document

Sharma today unveiled a document that consolidates all FDI policies, including as many as 178 Press Notes, giving a much needed transparency and clarity to foreign investment regulations.

Foreign direct investment in India grew 15.4 per cent to $1.72 billion in February compared with the same month last year.

During April-February of 2009-10, the inflows declined to $24.68 billion from $25.39 billion in the same period last year because of the global financial crisis. In February 2009, FDI inflows were $1.49 billion. The government aims to attract $50 billion in FDI per year by 2011-12 and $75 billion a year by 2013-14, the commerce minister said.