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Global crisis affects India's exports

Posted on Feb 27, 07:17PM | IBNS

New Delhi, Feb 27 : The government said global economic crisis has adversely impacted demand for India's exports.

"India's exports grew by 4.2% during April 2012 and again grew by 0.8% during January 2013 over the corresponding period of last year. The global economic crisis, the sovereign debt crisis in Europe and the economic slowdown in developed economies has adversely impacted demand for our exports," said Minister of State for Commerce & Industry D. Purandeswari in written reply to a question in Rajya Sabha on Wednesday.

"The imports have also been growing both because of higher prices of importable and increased demand. The international prices of petroleum, fertilizers, gold, edible oil etc. have increased. Their demand also has increased. These lead to a higher value of imports. As a result the trade deficit has increased," he said.