By IANS,
New Delhi: Commerce Minister Anand Sharma Tuesday said India’s merchandise exports will be over $170 billion in 2009-10.
“There will certainly be shortfall (compared to previous year) in exports due to the global meltdown. We expect the exports to be over $170 billion in 2009-10,” he told reporters here on the sidelines of an event organised by the Federation of Indian Chambers of Commerce and Industry.
India’s exports in fiscal 2008-09 stood around $185 billion.
“After falling for so many months, the exports have started recovering. During December-February period, there was a good growth but we should remember that we are competing with a low base,” he said.
“We have expanded beyond the traditional export markets and with market expansion and diversification, we will be able to raise the exports in future.”
India’s merchandise exports grew 34.8 percent to $16.09 billion for the fourth consecutive month in February and could be over $200 billion in the current fiscal, he added.
On reviewing the foreign direct investment (FDI) norms for the banking sector, the minister said the government will not “revisit” the policy.
“We are very clear, we will not revisit the norms and policy,” he said.
According to the new policy brought about by the government in February, an Indian bank in which a foreign investor holds 51 percent stake or more is considered a foreign bank.
Banks like ICICI and HDFC, which fall under this category, have sought clarifications from the finance ministry on the policy.