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Rising rupee remains a concern for exports: Economic Survey
By siliconindia
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Thursday, 28 February 2008, 20:30 IST
New Delhi: The strengthening of the rupee, which appreciated about 14 percent against the U.S. dollar in the last one year, had adversely affected Indian exports, the Economic Survey for 2007-08 confirmed Thursday.
"In the current year (2007-08), however, there was concern about the impact of dollar depreciation and rupee appreciation on exports," said the annual survey tabled by Finance Minister P. Chidamabaram in the Lok Sabha.
"With almost 70 percent of India's external trade invoiced in dollars, any change in the dollar's rupee value has a disproportionate effect on the various stakeholders in the rupee's external value such as importers, exporters, borrowers, lenders and consumers of imported goods in the short run," the survey pointed out.
India has set a target of achieving $160 billion exports in 2007-08. However, according to commerce and industry ministry officials, the country might miss the target.
According to the survey, India has already achieved 70 percent of the export target during April-Dec 2007, achieving a level of $111 billion.
Sectors such as textiles and handicrafts experienced low import intensity and low export growth, the survey said.