By IANS
New Delhi : India’s export target remains unaltered for the current fiscal despite a major fall in manufacturing growth in July and appreciating rupee, Commerce and Industry Minister Kamal Nath said here Thursday.
“Slowdown in industrial growth is not a concern. The contraction in credit has led to a steep decline in the growth in demand for consumer durables. To maintain growth one has to perhaps look at the monetary policy. I am optimistic that the target of 12 percent manufacturing growth would be maintained,” Kamal Nath said on the sidelines of a meeting with exporters.
Although industrial output growth in July rose 7.1 percent from the same month last year, it declined from June’s 9.8 percent. Industrial output declined to 9.6 percent during the first four months of fiscal 2007-08 against 10.6 percent of the corresponding period in 2006-07.
On the issue of revising the export target of $160 billion for 2007-08 due to appreciation of rupee against the US dollar, the minister said, “July-August are difficult months as they are monsoon months but we would not revise the export target.”
“We are continuously looking at efforts to see that exports do not decline as they are an important part of the economy,” he added.