Global slowdown unlikely to restrict 20% rise in exports
12 Mar '08
3 min read
India's exports in the in 2007-08 are expected to reach about US$ 155 billion, a 20% increase over the previous year, despite signs of a global economic slowdown, Mr. Kamal Nath, Union Commerce and Industry Minister, said.
Speaking to media persons on the sidelines of the 77th AGM of the International Chamber of Commerce (ICC), India, an allied body of FICCI, Mr. Kamal Nath said: “Against a target of US$ 160 billion for 2007-08, exports reached a level of US$ 111.1 billion during April-December 2007.
If the present trend of growth continues, I am confident that exports during 2007-08 would reach a level of US$ 152-155 billion, despite the adverse global economic situation.”
Addressing the ICC, India AGM, Mr. Kamal Nath said the rupee has been appreciating against major convertible currencies, particularly the US dollar since September 2009, adversely impacting Indian exports, particularly in products with low import intensity and high employment content like textiles, leather, handicrafts, marine products, etc. “We are look at providing some relief to some areas which are essential for a quantum growth in exports,” he said.
The Minister said the biggest concern for developing economies in Asia and rest of the world was the rising food prices. “How do countries which do not have the ability to import cope with this situation?” he asked.
Mr. Kamal Nath said, while the global economic slowdown fuelled by fears of a recession in the US will inevitably impact other parts of the world, the momentum of growth in East Asia will certainly temper the slowdown in the US economy.
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