NEW DELHI: Though there is no export target to achieve this financial year, the commerce ministry sees the value of outbound shipments touching $160 billion in 2009-10, showing return of confidence.
"Given the recessionary condition in the major export destinations, an export level of $160 billion would be reached at the end of the current year as compared to around $185 billion in 2008-09," the Commerce Department said.
In the Foreign Trade Policy 2009-14 last August, the government had not set any export target for the current fiscal but had set one for the next financial year at $200 billion.
For the first ten months of 2009-10, merchandise exports aggregated to $132 billion.
This means the shipments in the remaining two months of the fiscal must add up to at least $28 billion to reach $160 billion. The exports in February and March 2008-09 were around $25 billion.
Commerce and Industry Minister Anand Sharma yesterday said that India has moved in a positive territory since November 2009 after contraction of 13 consecutive months.
"We are now consolidating the gains. By the end of this fiscal we would have significantly reduced the margin of shortfalls because of a decline for 13-months," Sharma said.
Meanwhile, the ministry expects exports to touch the $200-billion mark in 2010 and $230-billion level in the following year.
Source : The Economic Times