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Exports register a meagre 10.8 % growth in October
- The tremors of eurozone debt crisis as well the downslide in the U.S. economic growth and the ‘policy paralysis' in the government have started impacting exports, which registered a meagre 10.8 per cent growth at $19.8 billion in October
- The growth rate has been the lowest since October, 2009
- On the other hand, imports continued their upward journey rising by 21.7 per cent at $39.5 billion during the month, leaving a trade deficit of $19.6 billion, the highest ever in any month in the last four years.
Rs.800-cr extra interest subsidy for exporters
- The Central Government on Thursday approved an additional Rs.800-crore for extending interest subsidy to exporters till March 2012 in the backdrop of slowdown in major global markets in Europe and the U.S.
- The scheme under which 2 per cent interest subvention is given to commercial banks for their concessional lending to exporters has been extended for the current fiscal year for handicrafts, handlooms, carpets and small and medium enterprises (SME) sectors.
- The eurozone crisis has been biting Indian exports which grew year-on-year by 10.8 per cent to $19.9 billion in October, the lowest in the last two years.
