Govt to review export target of $200 bn
Not sure whether the export momentum could be sustained in the face of the global slowdown, the Govt says it will review the $200 billion target set for the current fiscal.business Updated: Nov 17, 2008 13:04 IST
Not sure whether the export momentum could be sustained in the face of the global slowdown, the government on Monday said 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 told reporters at the India Economic Summit in New Delhi.
Nath said 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 per cent in April-September this fiscal.
"We are meeting today the prime minister's economic committee to discuss this," Nath said.
The meltdown impact was clearly visible in October, when exports declined by 15 per cent. The government 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.