The Hindu Business Line : `On track to achieve export target'

India is on track to meet its merchandise export target of $200 billion for 2008-09, the Commerce Secretary, Mr G.K. Pillai, has said. Up to end-August 2008, the country's merchandise exports stood at $81.22 billion, recording a 35.1 per cent increase over the $60.10 billion achieved in the same period last year. Responding to queries from reporters on whether the recent rupee depreciations against the US dollar would help achieve the export target, Mr Pillai said "even otherwise, we are on course to meet the target". The Indian currency unit fell to a record 49.30 to a dollar on Friday, before closing at 48.46 on the same day. "Rupee depreciation is anyway good for exporters. It (sharp fall of rupee) is mainly because of sell-off by FIIs in stock market," Mr Pillai said. - Our Bureau

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`On track to achieve export target'