New Delhi, Jun 8 (IANS): India is on course to increase exports to $500 billion in 2013-14 from around $300 billion in the last fiscal, helped by market and product diversification strategy promoted by the government, Commerce and Industry Minister Anand Sharma said Friday.

Addressing a seminar organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) here, Sharma said the strategy of reaching out to newer markets in Asia, Africa and Latin America and provision of a stable policy environment would help achieve the exports target.

He pointed out that the addition of seven new markets to the Focus Market Scheme and 46 new items to the Market Linked Focus Product Scheme would further boost exports.

India's exports increased by 20.94 percent to $303.71 billion in financial year ended March 31, 2012, surpassing the government target of $300 billion.

"We were clear in our mind that we could not wait for demand to revive in our traditional markets of the US and Europe after these countries suffered the severe fallout of the global financial crisis. We recognised the need to expand the scope and coverage of the Focus Market Scheme which now covers 112 markets across the world," Sharma said.

He said the strategy of diversification had paid off, and India's exports to Asia, Africa and Latin America had gone up significantly in the last three years.

In 2011-12, India's exports to Asia, Africa and Latin America totaled $188 billion, constituting 62 percent of the country's total exports.