NEW DELHI, Jan 29: Expressing concern over sharp decline in the value of euro bringing it to 14-year low against the US dollar, President of Federation of Indian Export Organisations (FIEO) M Rafeeque Ahmed today said the development would affect India’s exports to Euro Zone significantly.
Exports to this zone have already exhibited a decline of 0.18 per cent in April-November, 2014 when they touched 33.27 billion dollars as against 33.33 billion dollars recorded in the same period in 2013. Euro Zone accounts for about 18.5 per cent of India’s exports and traditional sectors such as apparel,leather and leather products, gems and jewellery and machinery are heavily
concentrated in Euro Zone. The downward movement of euro assumes greater significance for these sectors, Mr Ahmed said.
President, FIEO added that while most of the economies were contracting and deflation was being witnessed, the Greek verdict has added economic uncertainties in Europe. (UNI)
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