Govt expects exports at $170 to $175 billion in FY 2009


17 Feb 2009 | 18:54 Govt expects exports at $170 to $175 billion in FY 2009

Minister of State for Industry Ashwani Kumar today, 17 February 2009, said exports will be short of the $200 billion target for the financial year ending March 2009 (FY 2009). Kumar said the global economic downturn has impacted exports, now expected at $170 to $175 billion in FY 2009.

The impact of the slowdown in exports has been more pronounced in sectors like gems and jewellery, textiles and garments, handicrafts, automobiles, leather and leather products, marine products and plastic and linoleum. Kumar admitted that the economic downturn has affected employment in these sectors and the government is focussing on creation of new jobs to mitigate the problem.

The government and the Reserve Bank of India (RBI) are closely monitoring both the domestic and international economic developments, Kumar said in Lok Sabha.

Initial estimates available with the Commerce Ministry show that Indian exports is likely to dip over 22% in January 2009. Indian exports have been contracting since October 2008, as overseas clients in countries like the United States as well as Europe are placing lesser orders


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