Business News
Eurozone crisis hurting Indian exports, says finance minister
Nov 14, 2011, 12:04 GMT
New Delhi - Protectionist measures adopted by some European countries to alleviate their financial crisis are hurting India's exports, Finance Minister Pranab Mukherjee said Monday.
'The tendency of some developed countries to resort to protectionist measures in the face of downturn of their economy is a matter of grave concern, not only to our exports, but also to the recovery of the world as a whole,' Mukherjee was quoted as saying by IANS news agency.
India recorded export growth year-on-year of 10.8 per cent in October, compared to 36.3 per cent in September.
The developments in European countries had created uncertainty in the global financial market which had hurt India's short-term growth prospects, Mukherjee said.
India's industrial output growth slumped in September, raising fears of a broader slowdown in Asia's third-largest economy.
India's economy grew by 7.7 per cent in the April-June period, the slowest rate in six quarters.
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