The Economic Survey Report of India for 2007-2008 expressed concern over exports from India. The costlier Rupee and the slowdown in the US market are expected to affect exports from India substantially.
While the export target for the current fiscal year was 160 billion US Dollars, 111 billion US Dollars of exports have been achieved between April and December 2007. Although there is a growth of 21.6% over the same period in the previous year, the target of 160 billion US Dollars may not be achieved.
Lower growth rate of exports to the United States and decline in export of textiles to the European Union and the United States of America have been identified as the major concern areas by the Economic Survey Report of India for 2007-2008. Exports to USA have slowed down in 2006 and 2007. According to the report, while further slowdown may be unavoidable, it can be relatively low compared to the previous years.
Important suggestions by the Economic Survey Report of India for 2007-2008 to address the concerns related to exports include elimination of certain exemptions on customs duty that are not necessary, streamlining of export schemes and low import duties brought about by continued reduction in customs duties.