On year-to-year basis, export earnings keep falling in a two consecutive months until April 2012. In March and April, exports fell by 7.2% and 7.1%, respectively. Also, during July-April FY12, exports rose by only 8.4% over the corresponding period of FY11 against the government's annual target for FY12 of 15.6% over the actual export earnings in FY11.
EU debt crisis is the prime reason at this moment, though slow economic recovery in the US is another important area of concern. As the following article rightly points out that international buyers are not offering higher prices for goods as well because they have the information that global raw material prices are no longer expensive. So, one can guess the future of GDP growth target (7.0%) in FY12, which is mostly dependent on the export sector (or, output produced by export-based industries).
Link on the news.