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New Delhi, Nov 15 The Finance Minister, Mr P. Chidambaram, met exporters from the textiles, clothing and handicrafts sectors on Thursday, who have been hit by the strengthening rupee and hardening interest rates over the last several months.

The meeting was also attended by chiefs of a number of public sector banks and institutions.

According to industry players, the Minister assured them that the Government would work out “concrete measures” to help them tide over the crisis. The Export Promotion Council for Handicrafts Executive Director, Mr Rakesh Kumar, told presspersons after the meeting that the Minister was “very positive” and had assured them that the Government would come out with steps to help the exporting community.

Banking sector officials present at the meeting said the Minister is likely to consult other wings of the Government and take a comprehensive view of the suggestions submitted by the textile exporters.

Textile exporters, who are among the worst hit by rupee appreciation, have asked for an increase in duty drawback rates, reduction in interest rates for pre-and post-shipment credit as well as exemption from service tax to tackle the appreciating Rupee.

“The rupee appreciation has severely dented the profitability of textile industry. We are not only losing market share but also large number of jobs,” the Cotton Textile Export Promotion Council Chairman, Mr Prem Malik, said.

More Stories on : Textiles | Forex | Exports & Imports

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