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Anand Sharma, India's Minister for Commerce and Industry, said that merchandise exports for August fell 19.7% compared to the year-ago month, and added that the decline in exports started slowing. Exports for the previous month dipped 28% over the year-ago month, report media. In an informal meet with reporters in New Delhi on Friday, he said that Pharma sector and the fast-moving consumer goods (FMCG) sector did well, indicating improvement in industrial production. He said that an appropriate relief package for the coffee plantation sector would be provided. He ruled out capping exports of basmati rice.
The minister expressed concern over protectionist measures of some countries that could result in recession deepening. On the Doha round of World Trade Organization (WTO) talks, he said that there was some progress in negotiations and the heads of the negotiating groups evolved a plan in Geneva.
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