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Our Bureau

New Delhi, Oct. 10 The Federation of Indian Export Organisation (FIEO) on Tuesday said that the government’s decision to downscale the export target from $160 billion to $140 billion for the current fiscal was “a foregone conclusion”, in the light of the appreciating rupee vis-À-vis the dollar.

On Monday, the Commerce Secretary Mr Gopal K. Pillai said on the sidelines of a rural business meet that the country’s export would at best fetch $140 billion due to the continuing appreciation of the rupee.

In a statement issued here, the FIEO President Mr G.K. Gupta recalled that he had stated this a few months ago in wake of the appreciating rupee when he soughtsupportive measures from authorities to stem the currency-induced crisis.

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