Beware the quantum computers
Today’s encryption technology will be putty in the hands of those running the post-quantum world. How equipped ...
Exporters have asked the government to ensure that banks do not penalise them on overdue bills as many buyers in countries hit by coronavirus, such as the US, France, Germany and China, are delaying their payments for shipments.
“Several export sectors have reported to the Commerce Ministry that payments for their shipments are getting delayed and banks should be asked to be sensitive and not impose penalties. The Commerce Ministry is communicating the message to various banks,” a government official told BusinessLine.
Exporters’ body Federation of Indian Export Organisations (FIEO) has also made a case for conversion of pre-shipment credit to post-shipment credit.
“Our buyers in many countries across Europe, the US and other places do not have making payments for their imported consignments as their priority. Many are so busy dealing with the impact of coronavirus that they do not even have time to respond to Indian exporters’ queries for payments,” said Ajay Sahai from FIEO, adding that exporters are in need of post-shipment credit because of stuck payments.
FIEO has taken up the matter with both the Commerce Ministry and the Finance Ministry and is hopeful of a positive outcome, Sahai said.
The Confederation of Indian Textile Industries (CITI), too, has sought moratorium on repayment of principal and interest to banks for four quarters from April 1, 2020 to March 31, 2021. It has sought a relief package, including reduction in interest rates, for the textile and apparel sector to tide over the crisis being faced by the highly capital- and labour-intensive textile industry which operates on “wafer-thin margins”.
Research body CRISIL has said that sectors such as gem and jewellery and textiles are likely to face headwinds in exports given the recessionary trends in the key global markets, including the US and Europe.
Export credit had contracted by about 23 per cent in 2019 (January-December) even before the outbreak of the coronavirus worldwide and now the situation has worsened, according to Ravi Sehgal from the Engineering Export Promotion Council (EEPC).
He said exporters need immediate fiscal relief and credit flow to keep their work force and essential plant and machinery operational.
India’s exports during April-February 2019-20 was 1.5 per cent lower than in the same period last year at $292.91 billion.
Although exports of goods in February 2020 posted a small increase of 2.91 per cent (year-on-year) to $27.65 billion, outbound shipments from major sectors, including gem & jewellery, readymade garments, leather and most agricultural produce, including meat and rice, posted declines during the month.
Today’s encryption technology will be putty in the hands of those running the post-quantum world. How equipped ...
Rocketship’s Anand Rajaraman on getting pitches from places like Rameswaram and Patna
Bengaluru-based Archeron group plans to open five banks that are run entirely by AI and quantum technologies
Ably skippered by N Srinivasan, India Cements is upping its post-Covid-19 game by expanding capacity
Fiscal stimulus, friendly monetary policy and firm commodity prices point towards normalcy, says the MD and ...
Price correction is a good opportunity for long-term investors to take the plunge
Q4 earnings, along with progress in controlling Covid-19 spread, will be in focus
Do keep in mind that premium may go up in case one of the members has a pre-existing condition
In an age of falling female workforce participation, worsened by the Covid-19 pandemic, policy makers and ...
Of an injured baby goat, young men on motorcycles and political tensions
It’s the birthday of Muttiah Muralitharan — the man who took a staggering 800 test wickets. What better way to ...
An ode to writer and great-uncle Ved Mehta, and Ekarat, the friend who wrote and quit on his own terms
Marketers are padded up, sponsorship deals have been struck, and campaigns are rolling out. Now let the games ...
And what marketers can possibly do to bring it back in our lives
The agency has changed form over the years but its lustre has not dimmed
Media Factory has purchased the majority stake held by Sam and Lara Balsara of Madison World in Madison Media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor