Commerce and industry minister Kamal Nath is confident that despite the current global financial crises, the exports for the month of October would continue to grow by 30 per cent.

Speaking at the sideslines of the IBSA (India, Brazil and South Africa) Business Summit, Nath said, “Because of the liquidity crunch globally, some investments in the future may be affected.”

However, he expressed confidence that the country would be able to achieve its FDI target of $35 billion this year. “At least for this year, we will achieve our target in excess of $35 billion in FDI inflows,” he added.

On the question of the depreciation of rupee against the dollar the minister said, “I do not think it is permanent.” At present the rupee is trading close to the 49 mark against the dollar. 

Commenting on the turmoil in the stock market, Nath said, “"Our stock markets are going down because of external reasons...Their (the US and EU) liquidity crunch is causing problems in our stock markets."