The Hindu Business Line : Kamal Nath hints at another package for exporters

Close on the heels of announcing a package of relief measures to exporters reeling under the appreciation of rupee vis-À-vis the US dollar, the Government is mulling another package to help cushion the adverse impact on their earnings.

The Commerce Ministry is now quite convinced that the appreciating rupee vis-a-vis US dollar was hurting export growth, which has come down to 14 per cent in June from a level of 23 per cent in April.

Export Growth

“We are thinking of a new package for exporters. Rupee appreciation has impacted exports and Government is seized of the matter. The Prime Minister is keeping himself apprised of the situation. We will look at new measures to ensure that the fall in export growth is arrested,” Mr Kamal Nath, Union Commerce and Industry Minister, told reporters here.

Mr Kamal Nath said that he was still hopeful that the export target of $160 billion set for the current fiscal would be met.

“Rising rupee is a deterrent in meeting the export target,” he said, adding that the Ministry was also constantly in touch with the RBI on this matter.

Although exporters welcomed the Finance Ministry’s July 12 package involving interest rate relief, adjustment of duty drawback rates and swifter reimbursement of past export claims, it was felt that these measures had not fully met the demands of the Commerce Ministry.

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