New Delhi: Government and the industry leaders will discuss on Tuesday ways to maintain India's export momentum amidst slowdown in the US and sovereign debt crisis in Europe.

The US and the 27-nation European Union are among India's biggest export destinations. These markets together accounted for about one-third of the USD 246 billion exports in 2010-11.

The brainstorming will be done at the meeting of the Board of Trade (BoT), headed by Commerce and Industry Minister Anand Sharma.

The BoT would deliberate on the "procedural simplification and policy measures to mitigate fallout of the adverse scenario," an official said.

It comprises well-known industrialists and exporters, including TVS Motors Chairman Venu Srinivasan, Ashok Leyland Managing Director R Seshasayee, Apollo Tyres Chairman and
Managing Director Onkar S Kanwar, Hero MotoCorp Managing Director Pawan Munjal, Biocon Chairperson and Managing Director Kiran Mazumdar Shaw and FIEO chief Ramu S Deora.

"We find that while exports have shown a rising trend during last few months, the momentum is difficult to maintain in the coming months as the situation in Europe has aggravated and there is a slow growth in the US," an industry official said.

Outward merchandise shipments aggregated USD 134 billion during April-August period this fiscal, growing annually by 54 percent.

The government has fixed a target of doubling the country's exports to USD 450 billion by 2013-14. The Commerce Ministry has put out a strategy paper to achieve the objective.

Diversification of the export market is one of the important strategies for accelerating India's external trade.

The government has been giving sops for exporters who areexploring new markets in Asia, Africa and Latin America.

(Agencies)