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More sops likely for exporters hit by rising rupee

More sops likely for exporters hit by rising rupee
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First Published: Tue, Aug 07 2007. 05 59 PM IST
Updated: Tue, Aug 07 2007. 05 59 PM IST
PTI
New Delhi: The government is thinking of another set of incentives for exporters hit by the appreciating rupee, Commerce Minister Kamal Nath said on 7 August.
“We are thinking of a new package for exporters... the appreciating rupee has impacted exports and we are seized of the matter,” he told reporters.
Nath said Prime Minister Manmohan Singh was keeping himself apprised of the situation and government was looking at measures on how to deal with it.
According to officials, Commerce Ministry has constituted a team to understand the impact of rupee rise at the ground level and some more incentives could be announced for exporters by August-end.
The rupee has appreciated from Rs45 to a dollar in October-November last year to slightly over Rs40 in July. The appreciating rupee has hurt growth in exports which has come down to 14% in June from 23% in April.
The government has already announced a Rs1,400-crore package for exporters in July but it seeks to benefit only the employment-intensive sectors such as textiles, leather and small companies.
Now, the demand is coming from the sectors which have not been extended the benefits of the package for inclusion.
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First Published: Tue, Aug 07 2007. 05 59 PM IST