The Indian Ministry of Commerce and Industry has scaled back its export target for fiscal year 2013-14 from an original estimate of $500 billion to $325 billion.
The announcement was made by Minister of State for Commerce and Industry D. Purandeswari during a parliamentary session this week.
The minister said the downward revision is in response to the ongoing “slowdown in the major global markets, such as the U.S. and Europe.”
“The country’s exports fell for the first time in three years with a dip of 1.8 percent to $300.6 billion in fiscal 2012-13 (which ended March 31, 2013), taking the annual trade deficit to a record high level of $191 billion,” Purandeswari said.
The ministry, which had set a target of $360 billion for 2012-13, recently announced several measures to promote exports and encourage new investments, as part of the foreign trade policy for 2013-14.