RBI to meet export bodies on June 21

K R Srivats Updated - June 11, 2012 at 07:17 PM.

The Reserve Bank of India will meet representatives of export associations, industry bodies and banks on June 21 to discuss issues such as exchange rate volatility, export credit and also procedural issues affecting India's exports.

This meeting will come close on the heels of the announcement of the annual supplement to the Foreign Trade Policy. India's merchandise exports grew 20 per cent in dollar terms during 2011-12 to $302 billion.

With the rupee falling sharply against the dollar in recent months and private investments drying up, there is all-round concern that policymakers are not doing enough to stem the slowdown and propel economic growth.

The recent downward revision in GDP growth estimate for 2011-12 to 6.5 per cent from an advance estimate of 6.9 per cent earlier has also not helped.

India is now struggling to finance a big current account deficit and is betting heavily on forex inflows to salvage the situation. There is continued pressure on the Government to amend tax and foreign investment rules to encourage capital flows into the country.

krsrivats@thehindu.co.in

Published on June 11, 2012 13:47