Winning Business Desk

Mumbai. Sri Lanka's share in India's export-import business is only 0.64 percent. Giving this information in a report by rating agency Crisil, it has been said that the deepening economic crisis in Sri Lanka has no effect on domestic companies. India's export-import business has crossed the $1,000 billion mark in the financial year 2021-22. It is noteworthy that Sri Lanka has been facing a crisis since March after a reduction in foreign exchange reserves. Sri Lanka defaulted on all of its external debt last week of $44 billion due to depleting foreign exchange reserves.

Crisis getting deeper

The crisis is so dire that its schools are closed for lack of notebooks and ink, newspapers have stopped publishing newspapers, and food, fuel and electricity have been rationed in this Indian Ocean nation. Sri Lanka is largely dependent on tourism. In the year 2019, Sri Lanka was heavily bombed by Islamic militia on the occasion of Easter and after that the country is now facing the havoc of the pandemic. Apart from this, the Sri Lankan rupee, whose value was 195 on a US dollar before the crisis, has come down sharply to about 325 Sri Lankan rupees per dollar at present.