No change in export target, if rupee stable: Pillai

New Delhi, Aug 28 (UNI) India is on track to achieve its export target for fiscal 2007-08 and there will be no revision in the targets if the rupee contines to be at its current levels, Commerce Secretary G K Pillai said here today.

India will not revise its export target for the year ended March 2008 at 160 billion dollar as long as the rupee stays at levels of Rs 40-41 to a dollar, he said.

Rupee raced to a nine-year high in July at Rs 40.20 as robust capital inflows hit the market. It has, however, recovered since then and was last trading at Rs 41.12 today, up nearly eight per cent this year.

The government will realese country's trade figures on September 3. Mr Pillai said that exports expected to grow by 16 per cent in April- July this year.

Exports during June 2007 were valued at 11,867.11 million dollars which was 14.05 per cent higher than the level of 10,405.07 million dollars during the same period last year.

In rupee terms, exports touched Rs 48,386.49 crore, which was 0.97 per cent higher than the value of exports during June 2006.

Cumulative value of exports for the period April-June this year was 34,303.50 million dollars (Rs 141,330.65 crore) as against 29,044.58 million dollars (Rs 132,164.90 crore) over the same period last year.

Exports in May grew an annual 18 per cent, slower than a 23 per cent rise in April this year.

Earlier this month, after a a chorus of concerns that the stronger value of rupee is eroding India's competitiveness, and that it represents a threat to the country's buoyant export growth, Commerce Minister Kamal Nath had said an appreciating rupee was hurting exports and could prevent the country from attaining its export target.

The government has already announced a slew of measures to lessen the value of appreciating rupee like a 320 million dollars relief package for exporters.

Mr Pillai said exports will reach the 300 billion dollar mark by 2012-2013 and imports will be at 400 billion dollars during the same period.

The Commerce Secretary also said that he expects exports to the tune of Rs 1.5 lakh crore from special economic zones and manufacturing hubs by next year.

UNI