The export target for the current fiscal year has been set at $17.6 billion, around 13 percent higher than the last fiscal. The Commerce Ministry announced these figures on October 1 with a delay of about 3 months, as it was supposed to be announced in the month of July, which is a first month of the new fiscal.
As per the Joint Secretary to the ministry Mr. Monoj Kumar Dhar, the delayed announcement of the figure is due to the unavailability of data from different government departments and agencies. Last year's export target of the country was $16.29 billion, but the country had exported only $15.18 billion worth of products recording a shortfall of 4.5 percent.
Current year's export target has been set by analyzing the global recession. It is a rational target as the whole world is witnessing gradual recovery from the recession, added Mr. Dhar. In this fiscal, the export target for knitwear and woven garment products has been set at 41.46 percent and 38 percent receptively of the overall export target, informed a ministry official.
Current export trend shows the possibility of achieving export target this year, said Mr. Dhar. In the fiscal 2008-09, exports of knitwear, woven garment, terry towel, handicrafts, textile fabrics and many other products were higher than the previous year.
Fibre2fashion News Desk - India
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