Commerce and Industry Minister Nirmala Sitharaman has told parliament that the impact of the Greek debt crisis has had a negligible effect on India's bilateral trade with Greece.
In a written reply to the Rajya Sabha, Sithraman said that the volume of software and engineering exports of India to Greece was not very large, and therefore, there was a negligible impact.
She said that there is not much impact on the Eurozone.
To back her views on the issue, the minister said that exports were pegged at USD 360.84 million for fiscal 2014-15, a growth of 7.67 percent over the previous fiscal, while imports were pegged at USD 127.75 million for the same period, a growth of 16.73 percent.
In the first three months (April to June) of fiscal 2015-16, she said exports were pegged at USD 84.75 million (-15.45 percent growth), while imports were pegged at USD 39.36 million (11.95 percent).
Total Bilateral trade in fiscal 2014-15 was worth USD 488.59 million, a growth of 9.90 percent, whereas in the first three months (April to June) of fiscal 2015-16, the figure was USD 124.11 million (-8.33 percent growth).
"No trickle-down effect of the crisis in India is anticipated at this stage. However, institutional mechanisms are in place with Greece where steps can be discussed," she said.
