According to media reports, a government official has warned that India is in danger of missing its export target of USD 300 billion for the ongoing fiscal which ends on March 31, 2016 as a global slowdown amidst impending US interest rate tightening and deepening China woes, saps the appetite for Indian factory shipments, dimming the outlook for Asia's third biggest economy.
In FY 2014-15, the country registered exports of USD 312 billion, falling short of the target of USD 325 billion.
Exports of merchandise goods contracted for an eleventh month on the trot, declining 17.53 per cent, year on year to USD 21.35 billion in October 2015, signaling the tough times faced by the country's exporters amidst lackluster overseas demand.
For the first seven months of the current fiscal year, India registered exports of about USD 154.2 billion.
To provide some respite to struggling exporters, the government recently took some steps such as a revision in drawback rates and a five-year interest subvention scheme.