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Journalism of Courage
Moderation in demand and shaky recovery in the developed markets have forced the government to scale down the export target. The exports target for 2013-14 is $325 billion as against $360 billion in 2012-13,Parliament was informed on Wednesday.
Government has set an export target of $325 billion for the year 2013-14, minister of state for commerce and industry D Purandeswari said in a written reply to the Rajya Sabha.
The economic slowdown in major markets like the US and Europe impacted Indias export adversely last fiscal.
The countrys exports fell for the first time in three years by of 1.8 per cent to stand at $300.6 billion taking the trade deficit to a record high level of $191 billion.
Declining exports also adversely impacted the current account deficit which widened to 6.7 per cent of GDP in the third quarter of the last fiscal.
The Reserve Bank of India (RBI),estimates the CAD for 2012-13 to be around 5 per cent of the GDP,on the back of modest improvement in exports in the last few months.
As per provisional figures,export registered an increase of 0.8 per cent for the month of January after a continuous fall during May,June,July,August,September,October,November and December 2012, Purandeswari said.
The government had,however,refrained from fixing a target when it announced its foreign trade policy on April 18 this year.
