India's exports likely to remain same

MUMBAI: India's exports are likely to remain same at the last year's level of $168 billion owing to global slowdown.

"We will try to achieve last year's export turnover of $168 billion in the current fiscal," Minister of State for Commerce and Industry Jyotiraditya Scindia said here on the sidelines of Chemxcil's award giving ceremony here.

Chemxcil is an export promotion council set up by the Ministry of Commerce & Industry for chemicals, pharmaceuticals and cosmetics sectors.

The Government had fixed the target for $200 billion of exports for the current fiscal while announcing the interim trade policy in February.

Scindia, however, recently informed the Rajya Sabha that the target was "unlikely to be achieved" due to continuing global financial crisis and economic slowdown.

Certain sectors of exports like, jems & jwellery and chemical were showing signs of improvement in the export markets, but overall things were not bullish.

"Our exports fell by 33-34 per cent last fiscal. However, there were some improvement in the last month, where exports were down by 28 per cent over the corresponding month last fiscal," he said.

India's chemical industry accounts for around 15 per cent of the total merchandise exports from the country and directly employs over 10 lakh people.

Stressing the importance of the sector to the economy, Scindia asked the captains of the industry to dock value-added products and reduce exports of raw material.

Scindia said the industry needs to tap the "tremendous scope" in Latin America, CIS, ASEAN and WANA region and look for joint ventures in these countries.