New Delhi, August 7: India Government Wednesday said it has reduced the export target for the current fiscal year to 325 billion dollars, sharply down from its earlier projection of 500 billion dollars.
"Export targets for year 2013-14, for trade in goods, as the $ 325 billion in Department of Commerce completed," said Minister of State for trade and industry d. Purandeswari.
"The goal was reviewed because of factors such as: weak industrial growth, higher cost of credit, the rupee depreciation, euro zone debt crisis, economic recession in developed countries and sluggish global economic growth, which had a negative impact of India's exports," the Minister said in a written reply to a question in the Rajya Sabha.
In its export policy, announced in May 2011, the Government has set a target to more than double exports of 500 billion dollars in 2013-14 from $ 246 billion in 2010-11.
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