India's fiscal 2008-09 exports seen at $170 billion
27 Mar 2009
India's exports are expected to touch $170 billion in fiscal 2008-09, against the target of $200 billion for the fiscal, even as the country's exports stood at $156 billion in April-February 2008-09.
''Overseas shipments up to February this fiscal aggregated $156 billion. Given the dire state of global economy, exporters may gross in not more than $14-16 billion in March taking the total to around $170 billion,''commerce secretary G K Pillai said at a CII annual session on Friday.
Exports from the country may grow at best by 3 to 4 per cent in the current fiscal against an impressive 24 per cent in 2007-08 as recession curbs import demand in the US and other global markets, Pillai said.
On an annualised basis, exports are not likely to post a negative trend, thanks to over 30 per cent growth in the country's exports up to September this fiscal, he said.
''We will be lucky if we touch the $170 billion target for the current fiscal. This means that a growth of roughly about 3 to 4 per cent,'' Commerce Secretary, Pillai said while referring to the slowdown in exports due to the global economic crisis.
The government will release the trade data for February on Wednesday.
With key industrial sectors like automobile and steel showing signs of recovery, the government expects an end to job losses in a month or two.
''I think by April end whatever job losses would be there that's the end," Pillai said.
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