New Delhi: Enthused by exports growing by 26 per cent in November 2004 and all set to reach $ 75 billion in the financial year, the Government today (Dec 11, 2004) fixed a target of $ 88 billion for 2005-06.

Exports were so far on target and were likely to reach $ 75 billion during the current financial year, Commerce and Industry Minister Kamal Nath said in New Delhi at the review meeting for export performance convened by him.

Noting that in November 2004 alone, India exported over $ 6 billion worth of goods, with an average of $ 200 million a day, he asked exporters to aim even higher while complimenting them for their creditable achievement inspite of rising oil prices, rupee appreciation and congestion at ports.

"With this, our exports have so far crossed $ 48 billion and the cumulative rate of growth for the eight month period (April-November) of the current year works out to more than 24 per cent over last year. We must not only keep the tempo up but also be ambitious enough to accelerate it," he said.

In a departure from the past practice of setting export targets on an annual basis at the beginning of every financial year, Nath announced that the target would be $ 88 billion for 2005-06, $ 104 billion for 2006-07, $ 125 billion for 2007-08 and $ 150 billion for 2008-09.

He said that since the goal envisaged in the National Foreign Trade Policy was to double India's percentage share in world trade in the next five years, a sustained growth of 19-20 per cent was required.