Govt says will meet $160 bn export target for FY08

Govt says will meet $160 bn export target for FY08
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First Published: Tue, Aug 28 2007. 03 12 PM IST
Updated: Tue, Aug 28 2007. 03 12 PM IST
PTI
New Delhi: The Centre is confident of meeting the $160 billion export target for the current fiscal as the rupee, which has been rising against the dollar since August last year, is beginning to weaken.
“We are confident of meeting the export target set for 2007-08, if the rupee remains at 40-41 to a dollar. There is no need to revise the export target,” Commerce Secretary G K Pillai told reporters on the sidelines of a CII seminar here.
The Commerce department is holding a series of meetings with various export promotion councils to work out ways to enhance exports, he said.
The government had set an export target of $160 billion for 2007-08, against $125 billion achieved in the previous fiscal.
However, with the rupee appreciating against the dollar by about 11% since August last year, officials had earlier said there were possibilities of the export target being revised to about $140 billion.
However, in July exports grew by almost 16% in dollar terms over the same period of last year, while in rupee terms the growth was about 6%, Pillai said.
Keeping the current growth rate in mind, the Commerce Ministry is also looking at exports worth $300 billion by 2012-13 and imports of $400 billion on the back of increased emphasis on manufacturing.
“We are preparing a blueprint and looking at exports of $300 billion by 2013, given the growth being seen in the manufacturing sector,” he said.
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First Published: Tue, Aug 28 2007. 03 12 PM IST
More Topics: Exports | rupee | dollar | exchange rate | imports |