Indian exports to reach $150 Bn this fiscal
Friday, 25 January 2008, 05:01 Hrs
New Delhi: India's exports will touch $150 billion in fiscal 2007-08 against the target of $160 billion due to a sluggish U.S. economy and the rising rupee, said a senior official. "Exports of $150 billion are certain this year. If there is a surge, they could even go up to $155 billion," Commerce Secretary G.K. Pillai told reporters on the sidelines of an event organised by the Confederation of Indian Industry (CII) here Wednesday. Pillai also said that in the coming fiscal (2008-09), an export target of $200 billion could be achieved. He indicated that certain promotional schemes targeted at exporters might be done away with due to their minimal benefit. He invited suggestions from the industry in this regard. "Our trade policy is complicated. This discourages our exporters. The focus should shift from getting a number of approvals from various government agencies to self-certification. The majority should not suffer for misdeeds of a handful of unscrupulous exporters," he said. "We should have only meaningful incentives to promote the competitiveness of our exporters." Pillai urged India Inc to provide its inputs and feedback for the Krishnamurty Committee, which is expected to submit its report to Prime Minister Manmohan Singh by end of this month. The prime minister set up the Krishnamurty Committee to evaluate and examine methods of providing relief to the rupee-hit exporters, especially in sectors such as textiles, leather and handicraft, which have been witnessing shrinking profits and job losses. The ministry is likely to submit its first draft of the trade policy with the Department of Revenue within the next couple of weeks, Pillai said.