NEW DELHI: "Taking into account the prevailing global economic and trading environment, the outlook for 2003-04 as projected by the international agencies tracking global economic developments and the perceptions of the exporting community, a target of 12 percent growth for exports of merchandise goods in 2003-04 in dollar terms has been fixed," the commerce ministry stated Thursday. While in value terms this translates into $57.8 billion, as compared to $51.7 billion in 2002-03, in rupee terms this would be around 2.74 trillion, up from 2.5 trillion in 2002-03. The export target has been finalised after extensive consultations with the export promotion councils and commodity boards. "The prevailing international situation, the robust export performance of 18.05 percent in 2002-03 against the backdrop of weakening global activity, and appreciation of the Indian rupee vis-à-vis U.S. dollar, the crossing of the $50 billion mark in exports and reaching a share of 0.8 percent in world exports in 2002 have all been taken into account while finalising the target," the ministry stated. In the mid-term, India is targeting garnering a one percent global market share by 2007 with an annual compound rate of 11.9 percent growth. Already, during 2002-03, India has been able to raise its share in global trade from around 0.64 percent to 0.8 percent.
Source: IANS