'Export target for FY09 likely to be $200 bn'

The export target for the next fiscal could be fixed around $200 billion, Union Minister for Commerce and Industry Kamal Nath has said.

Speaking on the sidelines of a meeting of exporters organised by the Federation of Karnataka Chambers of Commerce and Industry (FKCCI) here on Friday, Kamal Nath pointed out that the exact export target would be announced towards March-end.

"At present, we feel a 20 per cent growth over this fiscal's exports target could be realistic," he added.

This year's export target has been fixed at $160 billion. However, a rising Rupee against the US Dollar could hit exports by $10 billion.

In an effort to reduce exporters' exposure to the US market and the European Union, the government is looking for trade opportunities in markets like East Asia and Africa.

"The anticipated slowdown in the US will always remain a cause for worry. However, the growth in the domestic market has been satisfactory," he added.

The minister pointed out that there has been a strong resistance to the proposals to reduce customs duty across the board. "Consequently, we will address these issues on a nation-specific basis," he added.

For instance, the ASEAN countries could pose a strong challenge to India's agriculture sector.

"We are looking at various possibilities. We could consider reducing customs duty on various product ranges of other countries provided they reduce duties on goods imported from India," he stated.