India will miss its export target of US$200 billion - falling short at $175 billion - for the fiscal year ending March 31, according to Commerce Minister Minister Kamal Nath.
"Due to the global recession, there has been a slowdown and during the April-January period, total exports were $144.26 billion registering only a 13.2 per cent increase," said Mr Nath. "But I am confident of achieving the target of $200 billion in exports during 2009-10."
The minister said there are measures in place to boost trade and restore demand, which include extensions of income tax exemptions for export-focussed companies until March 2010, the reduction in customs duties on the import of capital goods from five per cent to three per cent under the Export Promotion Capital Goods Scheme.
India's Economic Times reported the economy had expanded at its slowest pace in nearly six years in the last 2008 quarter, growing 5.3 per cent year-on-year, as manufacturing and exports contracted. While the three stimulus packages are expected to increase domestic demand, global conditions are not expected to improve until the end of the year.
The Central Statistical Organisation (CSO) in its advance estimates for 2008-09, in February, suggested that the Indian economy was set for a 7.1 per cent expansion despite the contraction in industrial production and exports experienced over the past few months.
"Due to the global recession, there has been a slowdown and during the April-January period, total exports were $144.26 billion registering only a 13.2 per cent increase," said Mr Nath. "But I am confident of achieving the target of $200 billion in exports during 2009-10."
The minister said there are measures in place to boost trade and restore demand, which include extensions of income tax exemptions for export-focussed companies until March 2010, the reduction in customs duties on the import of capital goods from five per cent to three per cent under the Export Promotion Capital Goods Scheme.
India's Economic Times reported the economy had expanded at its slowest pace in nearly six years in the last 2008 quarter, growing 5.3 per cent year-on-year, as manufacturing and exports contracted. While the three stimulus packages are expected to increase domestic demand, global conditions are not expected to improve until the end of the year.
The Central Statistical Organisation (CSO) in its advance estimates for 2008-09, in February, suggested that the Indian economy was set for a 7.1 per cent expansion despite the contraction in industrial production and exports experienced over the past few months.