The India trade deficit rose to $7.6 billion as the global economic crisis takes hold of the India economy according to Bloomberg.
India exports fell in December for a third straight month while India imports were up 8.8 percent leaving the India trade deficit in less than a desirable position for the Indian government.
The Federation of Indian Export Organizations trade group expects further declines in Indian exports could lead to as much as 10 million job losses.
In addition the World Bank estimates that international trade will decline in 2009 for the first time in 25 years presenting a challenge for emerging economies to get up with economic growth targets.
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