Namrata Kath Hazarika | 18 May, 2012
Despite the global economic condition being gloomy, India has set an ambitious and "very daunting" export target of USD 350 billion in the fiscal 2012-13, said the Minister of State for Commerce and Industry, Jyotiraditya Scindia in New Delhi on Wednesday.
"We have set for ourselves a very daunting target of USD 350 billion for this year. We have been able to close the year (2011-12) in USD 304 billion," he said on the sidelines of an Export Promotion Council for EOUs and SEZs ( EPCEs) awards function.
He expressed concern on the unfolding of events across the world wherein the situation is looking extremely difficult.
Scindia said that although the market scenario globally is very tough, India's exports this year is likely to end close to the set target.
"Let the first quarter and the first six months go by then we will be able to take up better assessment. But I can say this that even in this difficult environment our exports are doing a tremendous job," he added.
The Commerce Ministry has taken feedback from major stakeholders on the current position of the market, he said.
The government will come out with the supplement of foreign trade policy review likely by early June where there is a hope that the labour-intensive sectors would be provided incentives to maintain long term growth momentum, Scindia added.
India's exports rose an annual 21 percent to $303.7 billion for the fiscal year 2011/12, while imports rose 32.1 percent to $488.6 billion.
