Govt to review its export target in trade policy rejig

Govt described infrastructure bottlenecks, high transaction costs as domestic challenge for exports

India is set to prune its ambitious export target of $900 billion. as the Prime Minister Narendra Modi’s government works on reviewing the foreign trade policy amid continued global weakness and uncertainty.

The reassessment comes as India slogs it out in negotiations for a regional trade deal that would account for almost 30 per cent of global gross domestic product (GDP) and over a quarter of world exports, involving with China, the 10 Asean nations, Australia, New Zealand, South Korea and Japan, known as the Regional Comprehensive Economic Partnership.

The government unveiled its first foreign trade policy for 2015-2020 in April, setting