India lowers exports target to $325 bn for 2013-14

The Indian government Wednesday said it has lowered the exports target for the current financial year to $325 billion, sharply down from its earlier projection of $500 billion.

"The export target for the year 2013-14, for merchandise trade, as finalised by the department of commerce is $325 billion," said Minister of State for Commerce and Industry D. Purandeswari.

"The target was revised due to factors such as: weak industrial growth, higher cost of credit, rupee depreciation, Euro zone sovereign debt crisis, recession in developed economies and sluggish global economic growth which have adversely impacted India's exports," the minister said in written reply to a question in the Rajya Sabha.

In its exports policy announced in May 2011, the government had set a target to more than double exports to $500 billion by 2013-14 from $246 billion recorded in 2010-11.