Government positive about hitting export target.

NEWDELHI: The country’s November exports increased by 26.8 per cent to $18.9 billion year-on-year and imports grew at a much slower pace of 11.2 per cent to $27.8 billion. The Government is confident of surpassing the export target for the current fiscal at $215 billion.

“Exports are doing pretty well. There is huge turnaround in exports of engineering products, especially automobiles. Gems and jewellery are also doing good,” Commerce Secretary Rahul Khullar told reporters here.

“In the first eight months we have $140 billion. So clearly we are going to breach $200 billion. Now the question is by how much. I think it is going to be around $210 billion to $215 billion,” he said.

However, certain sectors like garments and agricultural items are in negative as exports of most of the commodities are restricted.

Saying the November trade data were provisional, the Commerce Secretarysaid that the $18.9 billion export data might be revised upwards in a few days.

On the crisis sweeping Europe, Khullar said it would affect the global economy.  Crude oil prices are ruling at $87-88 per barrel.

“I am not sanguine. One blip on crude prices and my import bill suddenly zooms. On pro-rata basis we are looking at $120 billion with a caveat that if oil prices go up, it could be $130-135 billion,” Khullar said.

On the issue of irregularities in export of non-basmati rice, Khullar assured that there will not by any adverse impact on the proposed disinvestment of MMTC, Commerce Ministry said.

Source : expressbuzz.com