India's exports to plummet by more than fifth

By siliconindia   |   Wednesday, 04 February 2009, 18:29 IST   |    2 Comments
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India's exports to plummet by more than fifth
New Delhi: Exports from India are expected to plummet by more than fifth as the global slowdown slashes demand for Indian goods. Commerce Secretary G.K. Pillai indicated that overseas sales could decline to $11.5 billion from $14.7 billion a year ago. Exports in the developing economies began to slide after the global financial crisis froze credit markets and sent developed economies towards recessions. The sector is witness more slowdown outstripping previous months slide which is a stark evidence of the Asia's third-largest economy becoming the victim of recession. "The government should immediately come up with more relief measures for exporters. Otherwise the export sector will be in a very bad shape," said A. Sakthivel, President of the Federation of Indian Export Organisations. The government had set a target of $200 billion for this fiscal, up from exports of $163 billion in 2007/08, however, in the current scenario the growth is expected to limit to five percent this fiscal year