New Delhi: Not sure whether the export momentum could be sustained in the face of the global slowdown, the government has said that it will review the $200 billion target set for the current fiscal.
“I am going to review this; the global economic slowdown is impacting exports,” Commerce and Industry Minister Kamal Nath said at the India Economic Summit here.
Nath said that the fiscal and monetary package for reviving exports would be discussed by the Prime Minister’s high-powered committee, after maintaining an impressive growth rate of 30.9% in April-September this fiscal.
“We are meeting with the Prime Minister’s economic committee today, to discuss this,” Nath said.
The meltdown impact was clearly visible in October, when exports declined by 15%. The govt has set a target of $200 billion in the backdrop of $162 billion in 2007-08.
However, several agencies like global consultancy firm Dun and Bradstreet have expressed doubts whether the growth momentum could be sustained.
The US and EU, the two biggest markets for Indian exports, are in the grip of one of the worst economic crises.