Sharma has signaled a decline in October exports
According to the Union Commerce and Industry Minister, Mr. Anand Sharma, the country’s exports, which were declining with negative double digit double digit figure around 40 percent, have registered a decline of only 6.6 per cent at $13.19 billion in the month of October.
While addressing to a press conference, Mr. Anand Sharma said. “We have been able to retrieve the situation because of various steps taken which otherwise looked very grim and will be able to succeed in bringing the export decline to low level in the ongoing quarter to end it on a positive note and hopefully in the final quarter (Jan-Mar) 2010 India's exports would have stabilized”.
On being asked about the effect of the multi-billion dollar debt default by Dubai World on India's exports, Mr. Anand sharma said, “India is a very large economy. I don't think some development in real estate in Dubai will have an impact on the Indian economy”.
He further said that rising demand for construction materials such as cement and steel has indicated that real estate sector and construction industry were doing well.
Despite the current economic slowdown, FDI inflows during the first half of the current fiscal were $15.3 billion as compared to $17.2 billion in the corresponding half of the last fiscal.
