New Delhi, Jan 18 (PTI) The commerce ministry is working on a strategy to diversify India's export basket in a bid to boost shipments, Union Minister Suresh Prabhu today said.

"We are in the process of preparing a new strategy for diversifying our export basket to ensure that we export to new markets and new products. For that, we are preparing a marketing strategy," Prabhu said.

He was speaking at the inauguration of 'Indus Food' - an international food and beverage trade show at Greater Noida.

It was organised by Trade Promotion Council of India (TPCI) along with the ministry.

Prabhu said the ministry is also formulating an agri- export policy, which will be put in public domain soon to seek stakeholders' views.

He added that the government will provide an enabling environment to the industry to increase the country's exports.

The show is witnessing participation from over 400 exhibitors, including representations from 12 states. Global buyers from 43 nations are attending the event.

The show will provide a platform to Indian exporters to access global market without having the trouble of going to overseas trade fairs.

In terms of market size, the Indian food market was worth USD 193 billion in 2016 and is expected to cross USD 540 billion by 2020, TPCI said in a statement.

Export diversification strategy to expand product and market access, with an agri-export policy open for stakeholder consultation. The commerce ministry is preparing an Export Diversification strategy, including a dedicated marketing strategy to expand exports into new products and markets and to facilitate exporter access to overseas demand via trade promotion platforms. Simultaneously, an Agri-export Policy will be published for stakeholder consultation, with government measures to create an enabling environment and leverage events like the Indus Food trade show to connect exporters with global buyers.