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Commerce and Industry Minister Mr Anand Sharma on Sunday expressed hope that India will achieve the $ 300 billion exports target this fiscal despite “disappointing” growth in shipments in October.
From a peak of 82 per cent in July, export growth has been slipping to 44.25 per cent in August, 36.36 per cent in September and 10.8 per cent in October.
The decreasing growth clearly reflects that the Eurozone crisis has begun biting Indian exports.
“Last month’s numbers were a bit disappointing. We think it is possible to meet our export target of $ 300 billion this fiscal,” Mr Sharma said on the sidelines of the India Chapter of the World Economic Forum summit here.
The sectors which depend heavily on the European markets have been hit hard. The electronic goods, bunch of which goes to Europe, have shown a deceleration of 18 per cent in October.
“If there is a larger contraction in the global trade, that will hurt us too. But we have shown resilience in the past and are still showing the same,” he said.
The US and Europe contributes about 30 per cent in the country’s exports.
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