The target has been fixed after taking into account the prevailing global economic and trading environment, the outlook for this fiscal as projected by the international agencies tracking global economic developments and the perceptions of the exporting community, says an official release issued here on Thursday.
The release further says the target has been fixed after extensive consultations with the export promotion councils and commodity boards.
Commerce and industry minister Arun Jaitley had, while announcing last month that the countrys exports of merchandise goods during 2002-03 crossed the $50-billion mark, indicated that commerce secretary Dipak Chatterjee would be meeting the export promotion councils and commodity boards on May 6 to get their assessment of the export outlook and chalk out an action plan for the current fiscal. Following this, Mr Chatterjee had extensive interactions with these promotional bodies on the given date too.
The prevailing international situation, the robust export performance of 18.05 per cent during 2002-03 against the backdrop of weakening global activity and appreciation of the rupee vis-a-vis the American dollar and the crossing of $50-billion mark of exports reaching a share of 0.8 per cent in world exports during 2002 have all been taken into account while finalising the 2003-04 export target.
This is also in line with the target set out in the medium-term export strategy of a compound annual growth rate of 11.9 per cent to reach the 1-percentage point share in world exports by 2007.
Meanwhile, expressing the hope that the country will be able to corner 1 per cent of the world trade by 2007, Jaitley told PTI the present target has been fixed keeping in view the mid-term export strategys goal of achieving 1 per cent of world trade by 2007. We hope well attain it much earlier.
It can be recalled that despite the downslide in the world economy, the countrys export could for the first time crossed the $50-billion mark during the past fiscal.