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Indian Exports during the current fiscal year will fall around 13.5 percent to USD 160 billion from USD 185 billion in the previous fiscal, informed the commerce ministry on Tuesday.
Because of the recessionary pressures faced in the major export destinations, an export level of USD 160 billion could be reached at the end of the current year as opposed to USD 185 billion in 2008-09, the Commerce Ministry informed.
In the first ten months of 2009-10, merchandise exports aggregated to USD 132 billion. So the consignments in the remaining two months of the fiscal would add up to a maximum USD 28 billion to reach USD 160 billion.
Exports in February and March 2008-09 clocked around USD 25 billion. Calculatingly, in the Foreign Trade Policy 2009-14, the government hadn’t set any export target for the current fiscal year; however had set one for the next financial year at USD 200 billion.
Commerce and Industry Minister Anand Sharma said Indian exports have finally moved in a positive zone since November 2009 after declining for 13 consecutive months.
"We are now strengthening the gains. And by the end of this financial year, we would have significantly bridged the margin of shortfalls” informed Sharma.
The Commerce Ministry, meanwhile, projects the exports to touch USD 200-billion in 2010 and USD 230-billion levels in the subsequent year.
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