Exporters express gloom over declining exports

AGENCIES
Posted on 2009-01-07
NEW DELHI- Painting a grim picture, exporters on Tuesday said India’s exports will decline to $ 175 billion this year against target of $ 200 billion and could further slide to $ 160 billion in 2009-10 even if the government took a slew of measures suggested by Federation of Indian Export Organisations (FIEO).
The country’s exports, which posted a robust 31 per cent growth in the first half of 2008-09, contracted by 12 per cent in October, for the first time in five years. It declined by nearly 10 per cent in November and FIEO estimates that the slide will continue in December and in next couple of months unless government announces major policy initiatives.
Claiming that industry has already lost one million jobs due to impact of worldwide economic slowdown on Indian economy, Federation’s new president, Mr A Sakthivel projected loss of ten million jobs by March. “2009-10 will be worse than 2008-09 on the export front,” he said during his first interface with the media as FIEO president.
Expressing his disappointment over the second stimulus announced by the government on January 2, he said its focus was on helping realty and automobile sectors.
He said government must realise that exporting industry is the second largest employer with 150 million jobs after agriculture.