NEW DELHI: The country’s exports may grow at best by 3 to 4 per cent in the current fiscal against an impressive expansion of 24 per cent in 2007-08 as the recession-hit US and other global markets saw merchandise sales dipping.
The only consolation is that on an annualised basis, exports are not likely to post a negative trend, thanks to over 30 per cent growth in India's exports up to September this fiscal.
“We will be lucky if we touch the $170 billion target for the current fiscal. This means that a growth of roughly about 3 to 4 per cent,” Commerce Secretary, Mr G K Pillai said at a CII annual session here on Friday.
Mr Pillai said overseas shipments up to February this fiscal aggregated $156 billion. Given the dire state of global economy, exporters may gross in not more than $14-16 billion in March taking the total to around $170 billion.
Exports had a good run in the first half of 2008-09 growing by over 30 per cent. But orders got cancelled and exporters found difficult to get new bookings thereafter. As a result, from October onward, the trend has remained negative.
Source : Business Line