India May Fall Short Of Export Target

India''s exports rose by 34 per cent in October, but may fall short of the $160 billion target set for the current fiscal, Commerce Secretary G K Pillai said. India had revised its export target to $160 billion in April after a surge in its currency vis-a-vis the US dollar. The rupee has risen nearly 14 per cent in the last one year and is now trading at around 39.80 to a dollar, hurting exports - particularly of textiles and leather.

Textile exports fell by 22 per cent, handicrafts by 66 per cent, leather by 9 per cent and marine products almost by 20 per cent. The government has circulated a Cabinet note to extend more concessions to exporters, especially in textiles, leather and handicrafts segments, the Commerce Secretary said. These concessions could include extension of service tax exemption to new segments, besides refund of state-level taxes. Out of 21 services on which tax is levied, so far nine have been exempted from the tax purview and the Commerce Ministry is pushing for 12 more.