Despite the slowdown in world economies, the government expects exports to increase 20 percent in the current fiscal .Commerce Secretary S R Rao told reporters after meeting the exporters body India is still the second fastest growing economy. Last fiscal, the country crossed the merchandise shipment target of 300 billion US Dollars.

Rao expressed relief over narrowing trade deficit and said the trade gap would be under control. Last month, exports dipped over 5 percent while imports shrunk over 15 percent, bringing down trade deficit to a 15-month low.

Director-General of Foreign Trade (DGFT) Anup Pujari said the trade deficit stood at 185 billion US Dollars last year and the government has taken steps to reduce the trade
deficit this year.