Press Information Bureau

Government of India

Ministry of Commerce & Industry

14-December-2011 17:17 IST

Government has adopted 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, creating exceptional uncertainty for the global economy. Government has taken several policy measures for product/market diversification. However, given the recent uncertainty in the European market, it may not be easy to achieve an export target of US $ 300 billion for 2011-2012. The steps taken by the Reserve Bank of India has helped contain inflation and anchor inflationary expectations.

This information was given by Shri Jyotiraditya M. Scindia, Minister of State for Commerce& Industry and Textiles in written reply to a question in Rajya Sabha today.

DS/GK

Export target uncertainty may impede meeting goals despite market diversification policies and inflation containment measures. Government emphasises a multi pronged approach with policy measures for market diversification and product diversification to reduce reliance on uncertain developed markets; monetary actions to contain inflation are cited as complementary support, while external uncertainty may impede attainment of the annual export target.