Business Daily from THE HINDU group of publications
Saturday, Jan 10, 2009
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Business Daily from THE HINDU group of publications Saturday, Jan 10, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Industry & Economy
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Exports & Imports Ease fund access norms for exporters: FICCI Our Bureau New Delhi, Jan. 9 Taking a leaf from the Chinese Government’s support on the export front, the Federation of Indian Chambers of Commerce and Industry has sought a similar demand from the Indian Government. Citing the case of China, the industry chamber has said that Indian exporters too must be able to access finance at much lower rates and on more liberal conditions. “Despite the easing of the monetary policy by the RBI, banks are still maintaining their conservative stance with regard to export finance. Some of the problems that exporters are facing include bank’s refusal to increase credit limit and their cautious approach towards fresh lending,” the industry lobbying body said in a statement. Of the 367 companies that participated in the chamber’s export survey, nearly 56 per cent of the companies admitted cancellation of orders. Another 30 per cent of the participating companies reported defaults in payments by international buyers or refusal to accept delivery of consignments. More Stories on : Exports & Imports | Industry Associations | Credit Market
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