Business Daily from THE HINDU group of publications
Tuesday, Dec 11, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Dec 11, 2007 ePaper | Mobile/PDA Version |
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Industry & Economy
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SSI States - Karnataka ‘Banks must offer cheaper products for SMEs’ Our Bureau Mangalore, Dec. 10 The Federation of Indian Exports Organisation (FIEO) has urged the banks to introduce innovative and less expensive products, exclusively for SMEs, to face the situation arising out of rupee appreciation. Delivering the keynote address at a workshop on ‘Growth opportunities for exporters’, organised by FIEO and ICICI Bank, here on Monday evening, Mr Walter D’Souza, Convenor of FIEO Committee on Agro Exports and AEZ, said that the unabated rise of rupee continues to adversely affect Indian exporters, especially small and medium entrepreneurs. FIEO has given several suggestions to the Government to mitigate the losses of the SME sector. Stating that the various products offered by the financial institutions to cover the risks are found costly, he said: “The need of the hour is to introduce innovative and less expensive products for SME sector.” Credit flowThe increase in CRR by 50 basis points in the recent credit policy announced by the RBI would restrict the flow of credit to the SME sector and would create a liquidity crunch, affecting the trade and industry. He said the efforts to boost exports may suffer a setback as SMEs contribute to 65 per cent of the total exports, directly or indirectly. Terming credit as the lifeline of the business, Mr D’Souza said small businesses lack access to capital and money markets. More Stories on : SSI | Karnataka
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