Experts anticipate slowdown of Indian economy
The plummeting of rupee to a low of 70.73 against the US dollar in the background of the escalation of US-China war & the slipping of Yuan, has sent Indian exporters into a tizzy. Signs of slowdown are already evident as according to the data released by Commerce and Industry Ministry, there has been a degrowth in prime foreign exchange earning sectors such as petroleum, rice, gems and jewellery, readymade garments and engineering goods.
“The essentials of food and clothing will do fine. Luxury goods, however, will suffer. Carpets, which we export, will also have an impact. I think until elections in the US next year, such a climate will stay,” opined Mahavir Sharma, Past Chairman of Carpet Export Promotion Council.