Global crisis hits India’s exports: The News

Tuesday, October 28, 2008
NEW DELHI: The global economic crisis has hit India where it hurts the most as over a dozen job-oriented export sectors slipped into disarray showing up to 70 per cent negative growth last month over a year-ago period, the Press Trust of India news agency reported on Monday.

Alarmed by sharp decline in export value in tea (-20 per cent), handicrafts (-70 per cent), carpets (-32 per cent), oil meals (-50 per cent), man-made yarn (-17 per cent), cotton yarn (-19 per cent) and marine products (-19 per cent), the commerce ministry is likely to recommend the lifting of export curbs on items like steel and agro products.

At a high level meeting, convened by Commerce Secretary G K Pillai on October 24, it was pointed out that the government needs to “re-look” at all export restrictions. “The global financial crisis is significantly impacting Indian exports and the impact could be more in the coming days,” said an official involved in the stock-taking exercise.

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