Alttag-Commerce Minister of India, Arun Jaitly New Delhi: India on March 31 exuded confidence that its merchandise exports would cross $ 50 billion in this financial year, notwithstanding the fluid situation in West Asia amidst fears of prolonged war on Iraq.

"It is almost certain that India's merchandise exports will cross the $ 50 billion (approximately Rs 2,42,300 crore) milestone this year," Commerce Minister Arun Jaitly said in New Delhi unveiling the new Exim Policy for 2003-04.

"We shall strive to sustain the present rate of growth and to accelerate it through the initiatives and strategy in the Exim Policy 2003-04," he said.

He said the provisional figures for April-February during this fiscal indicated that the country's exports had grown by as much as 16.76 per cent in Dollar terms (and 18.8 per cent in Rupee terms) over the same period last year.

The new annual policy is part of the five year Exim Policy, announced by Jaitly's predecessor Murasoli Maran, who had envisaged an average 12 per cent annual growth to achieve $ 80 billion worth exports by 2007 to reach one per cent share in the global merchandise trade from present level of 0.67 per cent.

PTI