Exports may slip below $300 bn in FY16

Highlights

The country is likely to miss its export target and may end up below the $300 billion mark in 2015-16 due to the global slowdown, a senior official said on Tuesday.

Mumbai : The country is likely to miss its export target and may end up below the $300 billion mark in 2015-16 due to the global slowdown, a senior official said on Tuesday.

"We registered exports of $312 billion last year and set a target of $325 billion this fiscal. We will be very happy if we achieve exports of $300 billion, but we may fall short of $300 billion," Ministry of Commerce and Industry Joint Secretary Ravi Kapoor said.

The country's exports declined for the eleventh month running in October, highlighting the stiff competition faced by the country in a weak global economy. Exports in the first seven months of the year were about $154.2 billion, indicating that tepid global demand continues to be a drag on economic recovery. Kapoor said the fall in exports was due to sharp fall in prices of petroleum products.

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