India monitoring global economic crisis, triggered by S&P lowered US rating

NEW DELHI: India is presently closely watching the international economic crisis led by Credit Rating agency Standard & Poor's (S&P) lowering of the long-term sovereign rating of the US, said Commerce and Industry Minister Mr Anand Sharma. He has further elaborated that the situated has not yet reached a stage for India to become anxious, said Mr Sharma.

Reports suggest that India's exports may not see high growth rates in the short term, but may witness 25% growth rate in 2011-12. Mr Sharma, said, “There is no reason that why we will not grow. Even if there is a slight moderation (in exports), we will definitely meet our (exports) target (of USD 500 billion by 2014).”

The Indian exporters are worried that the present economic situation in the US may affect the country''s exports. Earlier this week, Commerce Secretary Mr Rahul Khullar has stated that Indian exports growth will be falling from August-September.