Buoyed over the firm growth witnessed in the Indian exports, Commerce Ministry has expressed confidence of meeting the export target of $325 billion adding that all efforts should be made to accelerate exports so that target is easily achieved.
Commerce Minister Anand Sharma has recently reviewed the foreign trade policy and asked officials to engage with all stakeholders to boost exports in the remaining 3-odd months of the current fiscal, 2013-14. Further, the minister has expressed satisfaction over diversification of exports markets and underscored that South America and Africa would contribute more to the growth of India's exports.
In last fiscal, Indian exports fell by 1.82% to $300.4 billion due to a slowdown in global demand. Meanwhile, in current fiscal, Indian exports has been increasing at a significant pace on the back reviving demand in the US and European markets, rupee depreciation and favorable measures taken by the government. During April-November, 2013, the value of exports increased by 6.27% to $203.98 billion as against $191.96 billion in the corresponding period of last year.
However, the country’s most export orientated sectors are facing some issues. Pharmaceuticals export posted a growth of 3% in the April-November 2013 period to $9.77 billion against 11% growth in 2011-12 owing to marked slowdown in the segment, especially due to EU and the US regulatory issues. In gems & jewellery sector, although export of diamonds and coloured stones has increased, gold exports declined due to curbs imposed on imports of the yellow metal.