There is plenty of supporting indirect evidence he is right>>>
From The Times of India
June exports fall 5.4%, imports down 13.5%
NEW DELHI: The country's exports fell 5.45% in June, the second successive month of contraction, as the prolonged slowdown in key markets such as Europe and the United States hurt shipments from India.
Data released by the commerce and industry ministry on Friday showed exports in June stood at $25.07 billion compared to $26.51 billion in the same year-ago month.
Imports also registered a sharp decline in June posing a fresh worry for the government already battling to revive growth and sentiment which have been dented due to a slew of policy flip-flops and delays. Imports in June fell 13.5% to $35.37 billion. The balance of trade narrowed to $10.3 billion.