Financial Daily from THE HINDU group of publications
Thursday, Nov 20, 2003
Financial Daily from THE HINDU group of publications Thursday, Nov 20, 2003 |
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Money & Banking
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Forex Industry & Economy - Exports & Imports Re appreciation issue referred to Finance Ministry Our Bureau
Mr L. Mansingh, DGFT (left), with Mr Subodh Bhargava, past President, CII, at the national conference on "Financing Indian Exports- Leveraging Forex and Managing Risks" in the Capital on Wednesday. --Ramesh Sharma
New Delhi , Nov. 19 Exporting community's concerns on strengthening of the rupee against the US dollar has been referred to the Finance Ministry by the Commerce Ministry, the Director-General of Foreign Trade (DGFT), Mr L. Mansingh, has said. "The Finance Ministry would now consider as to what could be the appropriate action. I don't think much can be done, especially from our end", he said in his inaugural address at the national conference on `Financing Indian Exports — Leveraging Forex and Managing Risks', organised by the Confederation of Indian Industry (CII) here. Mr Mansingh asked the small and medium scale exporters in particular, to look at the management of risks in a more focused manner. He also expressed confidence that India would achieve a 1 per cent share of global trade well ahead of the target year of 2007. "Last year, our exports grew by 20 per cent in dollar terms. This year, our growth has not been spectacular due to many reasons including appreciation of rupee. Quick estimates for April-September show that the growth in exports this year has been 10 per cent. From September, exports have started picking up. We are reasonably confident of 12 per cent this year", Mr Mansingh said. On the fate of duty entitlement passbook scheme , he said that it would be merged with the drawback scheme from April 1, 2005. He also said that steps would be taken to make the duty free replenishment certificate scheme compatible with the World Trade Organisation norms. Mr Subodh Bhargava, Past President, CII, suggested that corporates must document a risk management manual with respect to their organisations.
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