The government on Thursday pegged the export growth target for merchandise goods at 12 per cent, which will translate into $57.8 billion exports in 2003-04 as against $51.7 billion last year.

According to an official release, in rupee terms it would translate into Rs 2,73,636 crore (Rs 2,736.36 billion) in 2003-04 compared to Rs 2,50,230 crore (Rs 2,502.3 billion) in 2002-03.

The target, finalised after extensive consultations with Export Promotion Councils and Commodity Boards, is in line with the Medium Term Export Strategy's (2002-07) Compounded Annual Growth Rate of 11.9 per cent to achieve one per cent share in world exports by 2007.

The government has also taken into account prevailing international situation, robust export performance of 18.05 per cent in the last fiscal against the backdrop of weakening global activity and appreciation in Indian rupee vis-à-vis US dollar for finalising the target, it said.