New Delhi: India may miss the $200-billion export target of 2009-10 by about 10% owing to continued demand contraction in overseas markets, especially in the US and EU, industry body Assocham said.
“The Commerce Ministry had set export target of $200 billion for the current fiscal. It is likely that the total export proceeds on realistic basis would not be over $180 billion,” Assocham said in its preliminary assessment on ‘Export Targets Vs Reality’.
The chamber said like the downward revision of export target in 2008-09 to $175 billion, India may again change the $200-billion target set for the current fiscal.
“The Assocham is also of the opinion that just as the government revised its export targets for fiscal 2008-09... the Ministry of Commerce and Industry might do the same as well in later part of current fiscal,” it said.
The industry body added that the US, which accounted for about 60% fall in export proceeds of India in the last two quarters of 2008-09, would continue to face slowdown in FY10.
“The US being the largest trade partner, India will continue to suffer slowdown in 2009-10, the reflection of which would naturally fall on India’s export to it,” it said.