Good tidings for goods exports .

New Delhi, April 27: Incentives offered to traders may push merchandise exports to over $170 billion in 2009-10, though they will still be below the previous fiscal’s level.

“I hope it will cross $170 billion, but let us wait for the final numbers. In percentage terms hopefully the contraction would be in single digit,” commerce minister Anand Sharma said.

“We have definitely consolidated trade and strengthened its growth in the last quarter of 2009-10 and must have made up for most of the losses. We hope to end the year with much less contraction in our global trade and merchandise exports than what was earlier,” the minister said.

According to Sharma, there is no need for the Reserve Bank of India to intervene and stem rupee appreciation right now.

The partially convertible rupee had appreciated nearly 4.8 per cent in 2010.

“The global economic recession is likely to leave its imprint for some more time, particularly in the developed world and hence it is important that our exporters concentrate on two critical ingredients for future growth: to remain competitive while maintaining quality and to diversify into new markets,” he said.

The minister said the directorate general of foreign trade was reviewing the export scenario and analysing all major hurdles on a sectoral basis.

“The amendments to the new foreign trade policy that I announced last August will reflect the concerns of the exporting community and initiate steps within our means to help exporters to reach greater heights,” the minister said.

India is likely to set an export target of $200 billion for the current fiscal against an actual achievement of $185 billion in 2008-09.

Source : telegraphindia.com