Mumbai: India will be able to achieve the $200-billion export target in the current fiscal, a senior Commerce Ministry official said.
“We are well on target to achieve a 25% growth in exports,” Union Commerce Secretary, G K Pillai, told PTI on the sidelines of a packaging summit here.
However, the sharp fluctuation in the rupee was not good for the industry, Pillai said, adding that some sectors such as gems and jewellery and handicrafts would be marginally hampered in the current scenario.
“Sharp fluctuation is not good for the industry, but we can’t help it given the problem in the global financial market. Our industry is mature enough to live with it. There would be some marginal impact on sectors such as gems and jewellery,” Pillai said.
India’s export target for the current fiscal is $200-billion. Last year, the country’s total exports were $159-billion, up from $65-billion in 2004.
During April-July, India’s exports were $59.19 billion, up 24.6% over the year-ago period.
Pillai said Indian exports have got a huge spread since only 18% of the total exports go to the US market. “Our risk is also widely spread,” he said.
The rupee has depreciated sharply in the recent past. It fell almost 5% within two weeks from end of April at Rs40 to the dollar to the middle of May at Rs42. It started depreciating further from the middle of last month to Rs46.32 per dollar as on date.