Commerce Minister Arun Jaitley expressed confidence that appreciation in rupee against the US dollar will not hinder export growth, which is likely to be accelerated next fiscal after having overshot the current fiscal's target of $50 billion.
"Our export competitiveness has been such that it adequately took care of the rupee appreciation. The fact that exports have over-shot the target is an evidence to it," Jaitley said after presenting the Exim Policy for 2003-04.
The rupee gained by over 10 paise and stood at Rs 47.54 against the greenback ever since the war started in Iraq.
Despite the appreciating rupee, he said India has maintained the growth in US dollar terms.
In US dollar terms exports were up by 16.76 per cent in the first 11 months.
"This has been achieved in the face of a global slowdown, particularly in the US market, following the September 11 incidents. It not only shows resilience of the Indian exporters but also underscores their growing confidence and competitiveness of India products," he said.
The minister also said that exports to the US grew by a whopping 30 per cent during April-December this fiscal.