ID :
59499
Thu, 05/07/2009 - 20:49
Auther :
Shortlink :
https://www.oananews.org//node/59499
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ENVOY: INDIA'S ECONOMY SLOWING DOWN DUE TO GLOBAL CRISIS
Jakarta, May 7 (ANTARA) - Indian Ambassador to Indonesia Biren Nanda said his country's economic growth was also slowing down as a consequence of the global financial crisis which had happened over the past one year.
The slowing down of India's economic growth could be seen from the export decrease and the slumping down of the country's gross domestic product, the Indian ambassador said in a discussion on "The World's Leading Transformers: How They Did It, Why, and What Next?" held at The University of Paramadina, here on Thursday.
India's gross domestic product (GDP) was over nine percent within the past three years, he said. However, its GDP was 7.8 percent in 2008 until 2009.
The global economic crisis has also affected India's exports, especially textiles exported to the United States and Europe, Nanda said.
The export decline could not be avoided due to the global market's demand which was drying up, the ambassador said.
To deal with the impacts of the global economic crisis, the Indian government has allocated additional funds amounting to US$4.3 billion.
Despite the impact of the crisis, India could be proud of itself because the country was placed in the second rank of countries with the fastest economic growth rate in the world.
The slowing down of India's economic growth could be seen from the export decrease and the slumping down of the country's gross domestic product, the Indian ambassador said in a discussion on "The World's Leading Transformers: How They Did It, Why, and What Next?" held at The University of Paramadina, here on Thursday.
India's gross domestic product (GDP) was over nine percent within the past three years, he said. However, its GDP was 7.8 percent in 2008 until 2009.
The global economic crisis has also affected India's exports, especially textiles exported to the United States and Europe, Nanda said.
The export decline could not be avoided due to the global market's demand which was drying up, the ambassador said.
To deal with the impacts of the global economic crisis, the Indian government has allocated additional funds amounting to US$4.3 billion.
Despite the impact of the crisis, India could be proud of itself because the country was placed in the second rank of countries with the fastest economic growth rate in the world.
