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India to maintain close to 20% exports growth in `09
New Delhi, March 10, 2008
An economic slowdown in the US notwithstanding, India is
likely to maintain the 20 per cent growth in exports in
2008-09 but the basket may undergo a change, said a Finance
Ministry official.
"US is one of the major destinations for India. We said that
in the coming year, it may not be as good as it was earlier.
But that does not mean we are not performing well. We are
having 20 per cent plus growth and possibly we can continue
with 20 per cent plus," H A C Prasad, Senior Economic Advisor
in the Finance Ministry, said.
In the US market, many of India's export items, particularly
textiles, handicraft, have fallen. Same is the case with EU,
but Asian nations and other economies, Indian exports have not
fallen to that extent, he said.
India has set export target of 160 billion dollars for the
current fiscal, up 28 per cent over 125 billion dollars in the
previous year. Exports have already grown to 124 billion
dollars till January and are likely to be close to 160 billion
dollars in the full fiscal, with March usually expected to
record higher figures, Prasad said.
"Another two months are left and we have to attain 160 billion
dollars, which I think we may attain. Almost near to that. May
be short by a few billion (dollars)," Prasad, one of the key
team members who authored the External Sector part of the
Economic Survey 2007-08, said.
Prasad said Economic Survey has pointed towards the areas of
weakness for the coming year. "We have to work on the higher
base of exports. On this base, we have to have higher exports.
There is a recession in the world economy, including US".
A slowdown in the US affected the textile sector first, and
then spilled over to other sectors, hampering India's exports
to the US, European Union and elsewhere.
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