Commerce and Industry Minister Anand Sharma has asserted that India’s exports will fall short of the $325 billion target envisaged in the current fiscal. Anand Sharma added that the government is taking measures and exports during FY14 would be more than the previous fiscal year at $300.4 billion.
During April-February’FY14, value of exports increased by 4.79% to $282.78 billion as against $269.86 billion in the same period of previous fiscal year. However, India’s exports is expected to fall short by about $15 billion from Government’s set target at $325 billion for the current fiscal because exports has to clock a level of around $42 billion in next month with a growth of around 40% over March 2013 to reach at target, which looks difficult to achieve.
Factors like slow recovery in global demand, declining manufacturing growth and inadequate infrastructure have adversely impacted the country’s exports. Meanwhile, in order to enhance country’s overseas shipments, the FIEO is presently preparing a draft for the new Foreign Trade Policy for 2014-19, which will be submitted to the new government in the next two and a half months time.
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