'India to miss exports target of $325 bn in current fiscal'

NEW DELHI: Attributing the fall in February exports to decline in outbound shipments of gems & jewellery and petroleum, Director General of Foreign Trade Anup Pujari today said India will not be able to achieve the exports target of $ 325 billion in the current fiscal.

"$325 billion looks virtually impossible because if we do $ 30 billion like we did in March 2013 we will be reaching just about $ 310-312 billion".

"We are looking at what best we can do and thereafter the government will try to see which sector did not do well and what remedial action needs to be taken," Pujari said on the sidelines of the inauguration ceremony of Carpet Expo here.

India's exports declined 3.67 per cent to $25.68 billion in February.

Exports of petroleum dipped 10.36 per cent to $4.91 billion, while gems and jewellery exports dipped 4.18 per cent to $3.59 billion in February.

Besides, imports fell 17.09 per cent to $33.81 billion, resulting in a trade deficit of $8.13 billion.