First it was the turn of the banking and insurance sector then aviation and now it is the country''s trade targets which are in trouble. So, even while Commerce and Industry Minister Kamal Nath is confident of meeting targets, sources from within the ministry say that the export growth rate has already started to slide.
In fact, sources say unreleased figures of the export growth for September is showing a downfall to 10 per cent from a robust 35 per cent growth in October. All traditional export sectors are showing negative growth.Credit crunch has left people with less power to buy as a result of an inevitable slowdown in export growth, said commerce secretary GK Pillai.
Though the rupee has depreciated and crude prices have fallen too, the liquidity crunch is bound to see traders disgruntled with even the trade incentives having been withdrawn from them.The solution seems to lie in exploring other avenues. The drop in exports means job cuts but one has to try and look at newer markets as well as increase domestic demand, explained Pillai.
In fact, sources say unreleased figures of the export growth for September is showing a downfall to 10 per cent from a robust 35 per cent growth in October. All traditional export sectors are showing negative growth.Credit crunch has left people with less power to buy as a result of an inevitable slowdown in export growth, said commerce secretary GK Pillai.
Though the rupee has depreciated and crude prices have fallen too, the liquidity crunch is bound to see traders disgruntled with even the trade incentives having been withdrawn from them.The solution seems to lie in exploring other avenues. The drop in exports means job cuts but one has to try and look at newer markets as well as increase domestic demand, explained Pillai.
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