Commerce and industry minister Anand Sharma today said exports will end up in the vicinity of the targeted $300 billion this fiscal even though the global macro conditions have not been encouraging.
"We hope that we will be somewhere there. We had set a target of $300 billion," Sharma said.
He noted that the strategy of diversifying our export markets in the face of the prolonged economic slowdown in developed world has paid off well.
"You have to bear in mind that what is being achieved is being done in a very challenging backdrop," he said, adding we should wait for the exact figures as two more months are remaining in the fiscal.
Sharma said the two-way trade in calendar year 2011 stood at $770 billion. Concerns have been expressed about the export numbers in the wake of the global slowdown with the current account deficit coming under more stress.
On asked as to when will the decision to allow foreign direct investment (FDI) in the crisis-affected aviation sector will be notified, Sharma said we have to wait for the group of minister's decision.
"There is a group of ministers that is seized of this matter; the GoM has met. The finance minister chairs the GoM and I am sure that the GoM will meet again to have a review of the developments to see what best steps can be taken," he said.
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