NEW DELHI: India's export will grow between 15 and 17 per cent this fiscal, even though the target of $ 200 billion would not be achieved due to
the economic slowdown, Commerce and Industry Minister Kamal Nath said on Thursday.
"We won't (achieve) $ 200 billion this year but still have 15-16-17 per cent growth," Nath said at a conference organised by Institute of Management Technology here.
The government has set an export target of $ 200 billion for the current fiscal. India's exports declined by 1.1 per cent in December 2008, posting a negative growth for the third month owing to the slowdown in global markets.
Exports dropped to $ 12.6 billion in December this fiscal, from $ 12.8 billion a year ago.
Nath said the gems and jewellery sector would be the most affected, as 11 out of 12 diamonds are cut in India. With no demand in Europe and US this is going to be a big problem, he said adding textiles sector too has been impacted heavily.
After showing a robust 30.9 per cent growth in the first half, exports contracted by 12.1 per cent in October this fiscal, showing a negative trend for the first time in the last five years.
India's exports in FY'08 stood at $ 162.9 billion.
Source : The Economic Times