India likely to miss exports target of $325 bn: Industry

Expressing concern on the decline in exports, India Inc today said the country is likely to miss the exports target of $325 billion in the current fiscal.

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

Ficci President Sidharth Birla said: "The dip in exports is worrisome and now it looks doubtful if we would be able to achieve the target of $325 billion in the current fiscal".

For the April-February period, exports were up 4.79% to $282.7 billion, according to data released by the Ministry of Commerce and Industry today.

"At this rate, there is no way we can achieve the target of $325 billion in the current fiscal. The slowdown in the domestic manufacturing sector is proving to be big constraint in keeping the export momentum," engineering exporters body EEPC India Chairman Anupam Shah said.

Imports fell 17.09% to $33.81 billion, resulting in a trade deficit of $8.13 billion.

"The big picture on India's external sector is marked by a sharp reduction in imports -- a direct consequence of slowdown rather than any breakthrough in exports," Assocham President Rana Kapoor said.

Oil imports in February declined 3.1% to $13.69 billion.

"The economic conditions in the US and Eurozone are not very favorable for exports and we hope the Indian government will help exporters by including more products and countries in Focus Product Scheme and Focus Market Scheme," Chairman of CII National Committee on Exports Sanjay Budhia said.

Imports during the 11-month period fell 8.65% to $410.86 billion. The trade deficit during this period was $128 billion.

"The decline in trade deficit from $179 billion to $128 billion would pave the way for further consolidation of the rupee," PHD Chamber of Commerce President Sharad Jaipuria said.