Economy in doldrums due to import-export imbalance: Manohar Parrikar

PANAJI: The economy is in doldrums due to the country's import-export imbalance, which is the main factor for the rupee's fall against the US dollar, Goa Chief Minister Manohar Parrikar said here today.

"The economy is in doldrums as the country's import-export balance is disturbed," Parrikar told reporters.

He said iron ore export worth USD 15 billion per year has been affected and India has become a net importer of iron ore to run steel mills here.

"The country also faces a loss in terms of coal export to the tune of USD 17 billion. Both amounts to USD 32 billion dollars which contributes to 16 per cent of the country's trade deficit," he said.