India downgraded its expectations for exports by 6.7 percent in fiscal 2012, which ends March 31, after the country admitted to overstating exports growth in the eight months through November.
India’s Commerce Ministry expects exports in the fiscal year to fall to $280 billion, as the global economy stalls in the face of potential contagion from Europe’s financial crisis.
India had overstated the value of its exports in the April-November period by some $9 billion because “misclassifications” and “double-counting,” said Commerce Secretary Rahul Khullar.
Exports in April-November totaled $192.7 billion, a year-over-year increase of 33.2 percent. Imports rose 30.2 percent in the period to $309.5 billion.
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