02-08-2008, 08:55 PM
Export target for FY09 around $200 bn
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Bangalore February 08, 2008
The export target for the next fiscal could be fixed around $200 billion, Union Minister for Commerce and Industry Kamal Nath said today.
Speaking on the sidelines of a meeting of exporters organised by the Federation of Karnataka Chambers of Commerce and Industry (FKCCI), Kamal Nath said the exact export target would be announced towards March-end.
"At present, we feel a 20% growth over this fiscal's export target could be realistic," he added. This year's export target has been fixed at $160 billion. However, a rising rupee against the dollar could hit exports to the extent of $10 billion.
In an effort to reduce exporters' exposure to the US market and the European Union, the government is looking for trade opportunities in markets like East Asia and Africa. "The anticipated slowdown in the US will always remain a cause for worry. However, the growth in the domestic market has been satisfactory," he added.
The minister said there has been a strong resistance to the proposals to reduce customs duty across the board. "Consequently, we will address these issues on a nation-specific basis," he added.
For instance, the ASEAN countries could pose a strong challenge to India's agriculture sector. "We are looking at various possibilities. We could consider reducing customs duty on various product ranges of other countries provided they reduce duties on goods imported from India," he said.<!--QuoteEnd--><!--QuoteEEnd-->
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Bangalore February 08, 2008
The export target for the next fiscal could be fixed around $200 billion, Union Minister for Commerce and Industry Kamal Nath said today.
Speaking on the sidelines of a meeting of exporters organised by the Federation of Karnataka Chambers of Commerce and Industry (FKCCI), Kamal Nath said the exact export target would be announced towards March-end.
"At present, we feel a 20% growth over this fiscal's export target could be realistic," he added. This year's export target has been fixed at $160 billion. However, a rising rupee against the dollar could hit exports to the extent of $10 billion.
In an effort to reduce exporters' exposure to the US market and the European Union, the government is looking for trade opportunities in markets like East Asia and Africa. "The anticipated slowdown in the US will always remain a cause for worry. However, the growth in the domestic market has been satisfactory," he added.
The minister said there has been a strong resistance to the proposals to reduce customs duty across the board. "Consequently, we will address these issues on a nation-specific basis," he added.
For instance, the ASEAN countries could pose a strong challenge to India's agriculture sector. "We are looking at various possibilities. We could consider reducing customs duty on various product ranges of other countries provided they reduce duties on goods imported from India," he said.<!--QuoteEnd--><!--QuoteEEnd-->