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War not to affect Indian industry: CMIE
April 02, 2003 18:35 IST
The Centre for Monitoring Indian Economy said on Wednesday that the war in Iraq would not have an adverse impact on the Indian industry, limiting the fallout only to the tea and hotel sectors.
Tea exports to Iraq would be affected as long as the war is on as the war ravaged country accounted for nearly 15 per cent of Indian tea exports in 2002, CMIE said in a release in Mumbai.
Tea exports to UAE are likely to suffer due to the war, the economic think tank said in its Industry Analysis Services report.
On the impact of war on oil prices, CMIE said Iraq's low 3.3 per cent share in global oil production and OPEC's assurance to release alternate oil supplies indicate that crude oil prices would not rise.
The adverse impact on the Indian hotel industry would be marginal as this is the slack season for tourist arrivals, it said.
Foreign tourist arrivals grew by 15.5 per cent during October 2002-February 2003 after declining by 15 per cent in April-September 2002, it added.
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