New Delhi: India's exports target of USD 500 billion by 2013-14 is unlikely to be achieved as the exports may not even touch last year's level of about USD 304 billion in the current fiscal due to weak demand in global markets, says an Assocham study.
"If the present scenario in global economy continues, merchandise exports for the current fiscal may even decelerate well below USD 300 billion," the study said.
During 2011-12, exports grew 21 percent at USD 303.7 billion over the previous year. As against earlier projections, the economic situation in major markets like the US and Europe have not improved, it said.
"This is a matter of worry. The government must work out some urgent measures to arrest the decline," Assocham President Rajkumar N Dhoot said.
While exports registered a meagre growth of 3.2 percent in April this year, the situation worsened in May and June registering a decline of 4.1 percent and 5.4 percent, respectively.
The Assocham study said sectors like gems and jewellery, carpets, leather and handloom would face major challenges during the current fiscal.
"The Commerce Ministry must convene an urgent meeting of stakeholders to consider a way out of this difficult situation. Let small exporters also be involved in the consultation process rather than a few big industrial houses," Assocham Secretary General D S Rawat said.
According to the study, the government's target of achieving exports of USD 500 billion is unlikely to be achieved and that the Commerce Ministry needs to rework the strategy paper it had released last year.
First Published: Friday, August 10, 2012, 16:23