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Export target for 2011-12: Not easy to achieve $300 bn

India will face difficulties in achieving the export target of $ 300 billion for 2011-12 due to uncertainties in the European market, Parliament was informed today.

The US and European countries account for over 25 per cent of the country's total merchandise exports.

"Given the recent uncertainty in the European market, it may not be easy to achieve an export target of USD 300 billion for 2011-12," Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply to Rajya Sabha.

However, the government has taken measures like product and market diversification to deal with problems arising out of the uncertainty, Scindia said.

He said the government has adopted a multi-pronged approach to deal with the situation arising out of the economic slowdown in the developed economies and the euro-zone sovereign debt crisis that has created uncertainty for the global economy.

The Commerce Ministry has prepared a strategy paper for doubling India's exports to USD 500 billion by 2013-14.

The strategy to double exports would involve retaining India's market share in traditional markets and opening up new vistas.

During April-November 2011-12, the country exported goods worth USD 192.7 billion, while imports were at USD 309.5 billion.

In reply to another question, he said that between February 2006 and November 2011, India approved 60 proposals worth USD 137 million, under the single-brand retail trade (SBRT).

"...60 SBRT proposals have been approved, with an aggregate investment of USD 137 million, against which actual FDI equity inflows of USD 44.45 million have been reported," the minister added.

The government's current policy allows 51 per cent foreign direct investment in single-brand retail trade.