Indian exporters have said that the export target worth of 160 billion U.S. dollars set by the government for the Year 2007-08 would be unachievable, according to a report released by the Associated Chambers of Commerce and Industry in India (ASSOCHAM) Tuesday.

ASSOCHAM is India's premier apex chamber of industries and covers a membership of over 100,000 companies and professionals.

The export target was announced by Indian Commerce Minister Kamal Nath while releasing the Annual Supplement to the Foreign Trade Policy 2004-09 on April 19.

According to a survey conducted by ASSOCHAM, seventy nine percent of exporters surveyed on Prospects of 2007-08 Exports Targets fixed by government felt that these are too ambitious in the backdrop of sharp rise in rupee value.

Adding to the unachievable targets was the emerging slowdown in global economy, especially the economy of the United States (U.S.) and the European Union (EU) nations.

Eighty percent exporters surveyed felt that further hardening of rupee might lead to slower growth in their respective sectors and expected that growth in exports as a whole would be around 10 percent.

Fifty-five percent exporters felt that global slowdown would add to the slowdown.

Most of them are apprehensive that the U.S. and the EU economies will continue to grow at a slower pace in the Financial Year 2007-08.

Besides, sixty percent felt that the growth in the exports will be around 10 percent to 15 percent in the current fiscal year.

Source: Xinhua