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Global crisis hurting Indian exports: Kamal Nath

Nov 17, 2008 09:47 PM IST Business Business

<New Delhi: The global economic crisis is high on the agenda at the World Economic Forum's 24th India Economic Summit in New Delhi.

Union Commerce Minister Kamal Nath told the summit that exports are slowing down but the export target for the year is still on track.

He also said that he will meet Prime Minister Manmohan Singh on Monday evening to discuss the decline in exports.

"The growth rate is gone down so saying that exports have gone down is not right. The pace have which exports were growing is going down. Yes, it is likely to happen and I am reviewing it to see whether our target will be bet or not. Until now we are on trend but the next five months will determined whether we will be able to beat the target so it again depends on the revival of the western economies," Nath said.

Chairman of Bajaj Auto Rahul Bajaj said that global slowdown is going to have an adverse impact on the Indian two-wheeler industry.

"Our exports continued to go extremely well till October end and for the first seven months of this fiscal. But now the world is under recession and I don't think two-wheelers will escape that. I can only hope that the next five months the adverse effect on our exports is minimal," Bajaj said on the sidelines of the summit in New Delhi.