News: Indian industry expects exports to touch $125 bn target

(PTI 17/12/2006) New Delhi - Reflecting all-round optimism, an overwhelming 85 per cent of the respondents of a FICCI survey felt that the export target of $125 billion would be met in the current fiscal. "The results of the survey indicate the country is moving towards a phase of stabilisation in export growth," the Chamber said in a statement here. The high export growth rates of the last few months are likely to be maintained during the remaining part of the year with a low probability of surprises on the upside, the survey said. According to the findings, Indian exports are likely to witness growth in the markets of South East Asia, USA, SAARC countries, Middle East and the European Union. The survey covered 270 companies with turnover ranging between Rs 1-20,000 crore and representing sectors like automobiles, consumer durables, food processing, FMCG, textiles, handicraft, metal and metal products, heavy engineering, pharmaceuticals and chemicals. A majority of the firms expected improvement in industry level export conditions. A total of 68 per cent of the firms surveyed saw their export levels improving further. Nearly 48 per cent of the firms reported "moderate to substantially better" current overall export prospects in the second half of the current fiscal as compared to the first half.