Export target for current fiscal lowered again to $255-260 bn

Associated Chambers of Commerce and Industry (Assocham) on Sunday further lowered its outlook for India's exports in the current fiscal to $255-260 billion, countering the government's claim that there is no crisis in the sector. The development came on a day when industry chamber FICCI said the country's third quarter manufacturing is also set to decline due to sluggish exports. While India's exports stood at $310 billion in the previous fiscal, Assocham in September had forecast the fiscal's exports to be around $265-268 billion. The decline in exports continued for the 12th month in a row in November as these fell nearly 25 percent to $20.01 billion amidst a slowdown in global demand. A commerce ministry statement earlier this month had however held that there "is no crisis in India on the export front and while there is a need for caution, there is no need for alarm". The cumulative value of exports during the April-November period was down over 18 percent at $174.30 billion, as against $213.77 billion in the same period last year. Courtesy: SME Times


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