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Indian Exports Feel Impact of Economic Crisis

Rediff.com, Posted: Oct 28, 2008

The worldwide financial crisis has caused up to 70 percent fall in India's exports reports Rediff.com. Handicrafts exports fell by 70 percent. Other sectors like tea and carpets were also down by 20 percent and 32 percent, respectively. The Indian government is now mulling lifting export curbs on steel and some agro products. Overall export growth went down to just over 10 percent from 26.9 percent. Two of India's largest markers, European Union and the US, are both in the throes of financial crisis. Bulk cargo shipping rates have also come down by nearly 50 percent. Indian government sources expect the situation to worsen in coming days.



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