It seems we will now be able to achieve the $200 billion export target this fiscal as exports grew by 22.5 percent in August to $16.64 billion year-on-year. There is a marked positivity and it is good to see sectors like cotton yarn, gems and jewellery, iron ore, engineering and petroleum, oil and lubricants (POL) registering healthy exports growth.

My concern however is that the readymade garments, handicrafts, handlooms and carpets sectors are still in bad shape. While improved global demand for Indian merchandise have raised hopes that the $200 billion target for the fiscal will be easily achieved, the jump of 32.2 percent in imports in August is a cause for worry which has resulted in a trade deficit of $13.06 billion.

I strongly believe that the recent growth in exports is solely due to the diversification of the export markets. The initiatives taken by the Commerce and Industry Ministry under the Focus Market Scheme and Market Linked Focus Product Scheme seems to be showing results now.

Moreover exporters too instead of focusing solely on the markets of the US and Europe which have still not recovered fully, must look for alternative markets. For instance several markets in the Asian continent and in Africa await to be explored. When the demand from our traditional markets are not to our liking, the markets of Africa and Asian can give us that much-needed impetus to our sales.