Emerging markets like Latin America are integral to India's strategy for inclusive growth, Minister

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of State for Commerce and Industry Jyotiraditya Scindia has said.

"Latin American countries figure prominently in India's market diversification strategy, which has yielded good results during the global financial crisis and in its aftermath," Scindia said yesterday while speaking at the World Economic Forum session held at Rio de Janeiro, Brazil.

To reduce dependence on traditional markets like the US and Europe, Indian exporters started exploring new markets like Latin America, Asia and Africa.

The government has introduced incentives for exporters to diversify and boost their trade with emerging markets like Latin America and Caribbean region (LAC).

It also launched Focus LAC programme, aimed at enhancing India's trade with LAC region, in November 1997 and extended it up to March 2014.

During 2010-11, India's total exports to Latin American countries were about USD 105 billion, while imports were USD 161 billion.

Scindia is on a ten-day tour to LAC region as a part of India's diversification and Focus LAC scheme.

Besides Brazil, the minister would attend joint business meetings in Uruguay and Argentina.

India's total exports registered the highest ever growth of 37.5 per cent at USD 245.9 billion during 2010-11 due to a strong demand for Indian merchandises, not just in the western economies but in new markets like Latin America as well.