EXPORT GROWTH TARGET OF MERCHANDISE
GOODS FOR 2003-04 FIXED AT 12% TO REACH $ 57.8 BILLION
Taking into account
the prevailing global economic and trading environment, the outlook
for 2003-04 as projected by the International agencies tracking
global economic developments and the perceptions of the exporting
community, a target of 12% growth for exports of merchandise
goods in 2003-04 in dollar terms has been fixed. In value terms
this translates into $ 57.8 billion compared to $ 51.7 billion
in 2002-03. In Rupee terms this would be around Rs. 273636
crores in 2003-04 compared to Rs. 250130 crores in 2002-03.
The export target
has been finalised after extensive consultations with the Export
Promotion Councils and Commodity Boards. Shri Arun Jaitley,
Union Minister of Commerce & Industry, had while announcing
last month that India’s exports of merchandise goods during 2002-03
had crossed the US $ 50 billion mark, indicated that the Commerce
Secretary, Shri Dipak Chatterjee would be meeting the heads of
EPCs and Commodity Boards on 6th May to get their assessment
of the export outlook and chalk out an action plan for next year.
Following this, Commerce Secretary had extensive interactions
with export promotion bodies, based on which the target has been
fixed.
The prevailing international
situation, the robust export performance of 18.05% in 2002-03
against the backdrop of weakening global activity and appreciation
of the Indian Rupee vis-à-vis US dollar and the crossing
of the $ 50 billion mark of exports reaching a share of 0.8% in
World Exports in 2002 have all been taken into account while finalising
the Export Target for 2003-04 of 12%. This is also in line with
the target set out in the Medium Term Export Strategy 2002-07
of a Compound Annual Growth Rate (CAGR) of 11.9% to reach 1% share
in World Exports by 2007.
