India will face difficulties in achieving the export target of $300 billion for 2011-12 due to uncertainties in the European market, Parliament was informed today.
The US and European countries account for over 25% of the country's total merchandise exports.
"Given the recent uncertainty in the European market, it may not be easy to achieve an export target of $300 billion for 2011-12," Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply to Rajya Sabha.
However, the government has taken measures like product and market diversification to deal with problems arising out of the uncertainty, Scindia said.
He said the government has adopted a multi-pronged approach to deal with the situation arising out of the economic slowdown in the developed economies and the euro-zone sovereign debt crisis that has created uncertainty for the global economy.
The Commerce Ministry has prepared a strategy paper for doubling India's exports to $500 billion by 2013-14.
The strategy to double exports would involve retaining India's market share in traditional markets and opening up new vistas.
During April-November 2011-12, the country exported goods worth $192.7 billion, while imports were at $309.5 billion.
In reply to another question, he said that between February 2006 and November 2011, India approved 60 proposals worth $137 million, under the single-brand retail trade (SBRT).
"...60 SBRT proposals have been approved, with an aggregate investment of $137 million, against which actual FDI equity inflows of $44.45 million have been reported," the minister added.
The government's current policy allows 51% foreign direct investment in single-brand retail trade.
