New Delhi: Government on March 28 said impact of Iraq war on Indian exports would depend on its duration, but the $ 50 billion target for this year would be more than met.

"The impact on exports will depend on the duration of the war," Commerce and Industry Minister Arun Jaitley said, adding exports had already touched $ 50 billion this year.

However, industry analysts felt the impact of the war would be similar to all competitors in exports as increase in transportation cost, insurance premia and the like were same to all countries.

Speaking at the foundation stone laying ceremony of Rs 170 crore India exposition mart in Greater Noida, Jaitley said revenue and fiscal policy needed to be attuned to tap the country's export potential.

The mart is being set up to provide a year-round exhibition space for promoting exports of handicrafts from all over the country.

Jaitley hoped the Mart would act as an engine of growth for handicrafts whose exports are expected to be doubled from Rs 10,000 crore by 2010.

The foundation stone of the mart was laid by Deputy Prime Minister L K Advani, who described the mart as an example of "public-private" partnership.

The project is a joint venture of Ministry of Textiles, Greater Noida Development Authority, Exports Promotion Council for Handicrafts and leading exporters.

Textiles Minister Kashiram Rana announced a Rs 10 crore grant to the project to be completed by 2004. Commerce Ministry has already given a grant of Rs 12 crore.

PTI