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Incentives for exporters may be widened to soften Re blow

Incentives for exporters may be widened to soften Re blow
PTI
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First Published: Wed, Aug 08 2007. 01 42 AM IST
Updated: Wed, Aug 08 2007. 01 42 AM IST
New Delhi: The government is thinking of another incentives package for exporters hit by the appreciating rupee, commerce minister Kamal Nath said on Tuesday.
“We are thinking of a new package for exporters,” he told reporters. “The appreciating rupee has impacted exports and we are seized of the matter.”
Nath said Prime Minister Manmohan Singh was keeping himself apprised of the situation and government was looking at measures on how to deal with the currency strength issue.
The commerce ministry has formed a team to understand the impact of the rise of the rupee at the ground level and some additional 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 already has announced a Rs1,400 crore package for exporters in July but the measure would benefit only the employment-intensive sectors, such as textiles, leather and small companies.
The demand now is coming from the sectors that have not been offered the benefits of the relief package.
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First Published: Wed, Aug 08 2007. 01 42 AM IST
More Topics: exporters | Re blow | Money Matters | Currency |