India sees exports slowing to $140 billion

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Official data showed exports grew by 20.9 percent to $85.58 billion during the April-October period, lagging an annual expansion target of 28 percent.

In April, India set an annual export target of $160 billion but as the rupee has risen to near-decade highs exporters have seen margins squeezed, leading to job losses.

"I have always said it will be only possible to do $140 billion," Commerce Secretary G.K. Pillai told Reuters in an interview on the sidelines of the World Economic Forum summit.

"Growth will be in some sectors, but the impact of the rupee's appreciation is being felt in sectors with high domestic content," he added.

"The worst hit sectors are textiles, leather, marine products and plantation sectors," Pillai said. Automobile makers and software firms have also been hit.

The rupee is up by more than 12 percent this year and touched a nine-and-a-half year high of 39.16 to a dollar last month.

Pillai said 30,000 regular employees had been made redundant due to the increasing value of the local unit, while 100,000 contract labourers had also lost their jobs this year.

"It is really hitting the (export) sector," he said.

In July, India announced a $320 million relief package for exporters, including an increase in tax refund rates and a cut in bank lending rates.

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