News and Events

Govt for Sops to Few Export Sectors

New Delhi The government will review in December performance of the country\'s export and consider giving support to the sectors which remain under pressure, Commerce and Industry Minister Anand Sharma said.

\"We have taken some steps. There will be another sectoral review in December. If there are sectors which continue to remain under pressure, we will intervene and see what more support can be given in the form of incentives,\" he said after inaugurating the MMTC Gold festival. The gold sale and exhibition will remain open till end of this month.

Sharma expressed hope that the export target of USD 200 billion for the current fiscal would be met.

However, he said, it would depend on the global situation and \"how strong the demand is.\"

During April-August this fiscal, exports posted a growth rate of 28.6 per cent to USD 85.27 billion on a year-on-year basis.

Referring to the concerns over rising cotton prices, the minister said, the country is expected to harvest a bumper production this year and there would be enough availability of the natural fibre for the industry.

He allayed concerns that the duty free exports of 55 lakh bales of cotton would lead to shortages in the domestic market.

Asked whether cotton exports over and above 55 lakh bales would attract any duty, he said, the decision would be taken by the group of ministers.

On rising rupee, Sharma said, the situation is being closely monitored by the Reserve Bank of India and the Ministry of Finance. \"It is for them to take an appropriate view,\" he said.

Meanwhile, Finance Minister Pranab Mukherjee said in South Korea that the situation arising out of the rupee appreciation is not worrying.

The rupee today lost 28 paise to close at 44.58/59 against the US currency on fresh dollar demand from banks and importers on the back of strong dollar overseas.