Slower growth in advanced economies to impact India’s exports

BANGALORE: Prime Minister’s Economic Advisory Council Chairman C Rangarajan on Friday; said that the slower economic growth in advanced economies would impact India’s exports and advocated the need to look at East-Asia and emerging economies for newer opportunities. ‘Moderation in growth (in advanced economies) will affect some exports’, Dr Rangarajan told reporters in response to questions but pointed out that in the case of IT services, the slower growth has not necessarily affected in the way in which one would have expected. Therefore, there is a need for widening the geographical coverage of our exports. Certainly, the slower growth in western economies and advanced economies will have an impact upon our exports’, he said. Dr Rangarajan also added: ‘But at the same time, we really need to see whether we can increase exports to the East-Asian countries and emerging economies where the growth rate is now picking up’.