India unlikely to hit $360 billion export target: Study

India is likely to fall short of its $360 billion exports target in the current financial year thanks to rising input costs and weak demand for Indian goods in North American and European markets, according to an industry survey.

With current export conditions worsening, the prospects for second half of 2012 appear bleak, the survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI) reveals.

Around 63 per cent of the respondents polled believed that export condition would deteriorate in the second half of the 2012-13.

India's exports were down 9.7 per cent year-on-year in August 2012, the fourth month in a row.

The FICCI survey further revealed that in the backdrop of the first five months' figures, the government's export target of $360 billion for the fiscal 2012-13 seemed difficult to achieve.

Rising costs of raw materials and anaemic demand from overseas were primary factors the Indian export community cited it was concerned about.