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  3. Nation may not achieve its $360 billion exports target: FICCI survey

Nation may not achieve its $360 billion exports target: FICCI survey

24 Sep 2012 Evaluate

Amid the grim global economic outlook scenario, the industry body Federation of Indian Chambers of Commerce and Industry (FICCI) in its latest ‘Export Survey’ has pointed out that India is unlikely to achieve its $360 billion export target in the current financial year due to rising input costs and weak demands for Indian goods in North American and European markets and has said that the exporting community of the nation is not optimistic about a possible improvement in the overall export conditions over the next two quarters.

India's exports increased by around 21% to $303.71 billion in financial year ended March 31, 2012, higher than the government's target of $300 billion, but this year the situation looks grim and India’s exports slumped by 9.7% year-on-year in August 2012, decelerating for the fourth consecutive month. The FICCI survey revealed that considering the first five months’ figures, the government's export target of $360 billion for the fiscal 2012-13 seems difficult to achieve. Over a 63% of respondents in the survey believed that export condition would further deteriorate in the second half of the 2012-13. Rise in raw materials prices along with weak demand from overseas were cited as major reason for the declining export as around 89% of the respondents drew attention to the rising costs of raw materials, which have gone up by 20-30% in the last three years.

About 65% of around 80 participants of the survey said that export conditions currently have deteriorated compared to the last six months of 2011-12. Though, the participants were not very optimistic about any substantial improvement in the export condition in the second half of the fiscal but said that market diversification of exports was yielding some positive results for Indian exporters and regions like Africa, Middle East, South East Asia and Latin American would see an improvement in demand in the next six months.

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