Even as export promotion councils said the growth momentum could be sustained during the current fiscal, the government asked them to factor in the effect of the severe acute respiratory syndrome (Sars) and the developments in Iraq while formulating export strategies.
Commerce Secretary Dipak Chatterjee and senior officials from the ministry today held deliberations with various export promotion councils and export bodies to set the merchandise export target for 2003-04 and discuss strategies to achieve the target. The major export promotion councils have indicated growth rates between 15 per cent and 20 per cent.
The ministry will set the target over the next few days. Chatterjee is scheduled to meet representatives from the services sector on Wednesday to discuss the target for export of commercial services.
At today's meeting, participants indicated that the thrust would be on aggressive marketing, product innovation, diversification of export destinations, with an emphasis on tapping new markets, a press release from the commerce ministry said. Several participants felt that the Focus CIS programme could play a major role in helping India regain its share in the erstwhile Soviet market.
The release also said representatives of the Exim Bank and the Export Credit Guarantee Corporation indicated their continuing support to exports, with the corporation agreeing to back up various programmes with credit lines and marketing services.
India's exports rose by over 18 per cent during 2002-03 to cross the $50 billion mark for the first time. The government had set a 12 per cent growth target for the 2002-07 period to achieve a 1 per cent share in global exports, but the commerce and industry minister had indicated that the target could be reached earlier if the growth momentum continued.
