Indian exporters breathe sigh of relief as US financial crisis ends; target Christmas business
Updated: Oct 17, 2013 02:23:48pm
New Delhi, Oct 17 (KNN) End of the US fiscal crisis has come as a big relief to the global trade since any more prolonging of the deadlock would have had a crippling effect on Indian the exporters who depend the most on the American market, the Engineering Export Promotion Council (EEPC) Chairman Anupam Shah said today.
"With over USD 36 billion of exports (fiscal 2012-13) the US is India's second biggest export destination in terms of country-wise ranking. Any disruption in the US, particularly in the all-important financial markets resulting from the political crisis, would have led to recession in the world's largest economy. Like most other countries, that would have been disastrous for India's exports, which have recently started looking up," Mr Shah said in a statement.
The EEPC Chairman, however, said the Indian exporters need to continue diversification of their trade so that in highly volatile global markets, the downturn risks could be well-spread. That is the lesson from the present US crisis.
For immediate, at least, the big worry is over and the exporters can hope to go full steam on their Christmas business, Mr Shah said.
He said while the shut-down of the US Government did not direct affect the exports, the sentiment was low and its continuation would have crippled the world trade. (KNN/PC)
"With over USD 36 billion of exports (fiscal 2012-13) the US is India's second biggest export destination in terms of country-wise ranking. Any disruption in the US, particularly in the all-important financial markets resulting from the political crisis, would have led to recession in the world's largest economy. Like most other countries, that would have been disastrous for India's exports, which have recently started looking up," Mr Shah said in a statement.
The EEPC Chairman, however, said the Indian exporters need to continue diversification of their trade so that in highly volatile global markets, the downturn risks could be well-spread. That is the lesson from the present US crisis.
For immediate, at least, the big worry is over and the exporters can hope to go full steam on their Christmas business, Mr Shah said.
He said while the shut-down of the US Government did not direct affect the exports, the sentiment was low and its continuation would have crippled the world trade. (KNN/PC)
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