India: Europe, US crisis to hit India's export: Economic Survey

The lingering economic crisis in Europe and the United States will affect India's merchandise as well as services exports in the financial year beginning April 1, according to the Economic Survey for 2011-12 tabled in parliament on Thursday.

The survey, tabled by finance minister  Pranab Mukherjee, said the country's overall economic growth and earnings from tourism will also suffer due to slowdown in European and US economies.

The survey points out that despite the market diversification, Europe and the US continued to be among the biggest trading partners and an important source of tourists and services exports.
“Europe still has a 19.5% share in India’s exports. Besides, some of India’s trading partners are dependent on Europe, thus affecting the country’s trade indirectly,” it said.

India's exports grew by 23.5% to $242.8 billion in the first 10 months of 2011-12.

For more: Europe, US crisis to hit India's export: Economic Survey - Hindustan Times