India, Russia must form plan to avert slowdown: Assocham
The suggestion assumes significance as the Russian Prime Minister accompanied by a large business delegation begins his three-days visit tomorrow.
By PTI |
NEW DELHI: Industry body Assocham has suggested Russia and India to draw a joint action plan along with other two BRIC countries to avert an economic slowdown, which can be triggered by the financial crisis in the US.
In the run-up to the visit of Russian Prime Minister Victor Zubkov, the two countries, along with Brazil and China, need to push trade within developing and emerging economies, the chamber said in a release.
The suggestion assumes significance as the Russian Prime Minister accompanied by a large business delegation begins his three-days visit tomorrow.
About 32 per cent of the BRIC countries' total external trade is done with the US and EU, which are currently facing the high risk of economic slowdown, it said.
Russia would be maximum exposed to the slowing of US and EU economies, as 49 per cent of its trade is directed towards them Assocham President Venugopal N Dhoot said.
While India ranks lowest among the four BRIC nations in terms of global slowdown risk, Brazil and China may get severely hit with impending deceleration in developed economies as 35 per cent and 30 per cent of their respective external trade are directed toward US and EU, he said.
Dhoot further said the US economy has been showing signs of sluggishness, as the crisis triggered by its sub prime market has caused a loss of more than $100 billion.
In the run-up to the visit of Russian Prime Minister Victor Zubkov, the two countries, along with Brazil and China, need to push trade within developing and emerging economies, the chamber said in a release.
The suggestion assumes significance as the Russian Prime Minister accompanied by a large business delegation begins his three-days visit tomorrow.
About 32 per cent of the BRIC countries' total external trade is done with the US and EU, which are currently facing the high risk of economic slowdown, it said.
Russia would be maximum exposed to the slowing of US and EU economies, as 49 per cent of its trade is directed towards them Assocham President Venugopal N Dhoot said.
While India ranks lowest among the four BRIC nations in terms of global slowdown risk, Brazil and China may get severely hit with impending deceleration in developed economies as 35 per cent and 30 per cent of their respective external trade are directed toward US and EU, he said.
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Dhoot further said the US economy has been showing signs of sluggishness, as the crisis triggered by its sub prime market has caused a loss of more than $100 billion.
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