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Updated Wednesday, August 25, 2010 11:01 am TWN, AFP

India announces export breaks amid 'fragile' recovery worth US$225 mil.

NEW DELHI -- India announced new stimulus measures Monday worth US$225 million to help garment, leather and handicraft exporters during the “fragile” global economic recovery. The country's export growth slowed sharply in July on weakening demand from Western markets and the government has warned that the pace could slacken further as the global recovery stumbles.

“We are not yet out of the woods,” Trade Minister Anand Sharma said as he extended tax breaks for exporters, subsidized loans, help for upgrading machinery equipment and other concessions in India's annual trade policy.

Sharma said he wanted to help India's textile, handicrafts, leather and other labor-intensive sectors get through the “fragile (global) recovery and the prevailing uncertainties”. But Sharma reiterated that India was still on track to meet its overseas sales target of US$200 billion for the fiscal year to March 2011.

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