Millennium Post

Govt has set $50 bn export target this fiscal: Minister Rao

The new Textile Minister, K S Rao, on Wednesday said the government has set an ambitious export target of $50 billion this fiscal, hoping realisation of the target will help in containing the high current account deficit.

'The current account deficit is affecting the nation's economy and textiles sector is one sector where we can increase the exports substantially,' Rao told reporters after taking charge of the ministry.

'I am given to understand that our textiles exports are about $34 billion today, which I wish to make at least $50 billion by end of the current fiscal,' Rao said.
This will help in containing CAD, he added.

Current account deficit, which is the difference between inflows and outflows of foreign exchange, touched a record high of 6.7 per cent of GDP in the December 2012 quarter. It is likely to be around 5 per cent in the 2012-13 fiscal. Faced with weak demand in global markets like the US and Europe, textiles exporters are making efforts to increase their presence in emerging markets like Latin America, Africa and Japan.
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