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2013-08-14

“Dollar loans through public sector financial institutions may help MSMEs”

Mr M Rafeeque Ahmed, President, Federation of Indian Export Organsiations (FIEO) has complimented the Finance Minister announcement on Tuesday to mobilize dollars through public sector financial institutions from abroad.

Mr M Rafeeque Ahmed, President, Federation of Indian Export Organsiations (FIEO) has complimented the Finance Minister announcement on Tuesday to mobilize dollars through public sector financial institutions from abroad.

 

Rafeeque stated that these would not only help in stabilizing the rupee but reduce cost of projects as domestic borrowing rates are heading northwards and liquidity is limited.

 

The Finance Minister, P Chidambaram has announced that mobilizing dollar loans through public sector financial institutions may help industry -both corporate and MSME’s, and CAD at the macro level –but may require an aggressive marketing drive.

 

President, FIEO hoped that measures to attract dollars and a sound marketing drive by institutions to attract investments in various sectors would create an enabling environment for both corporate India and MSME’s alike.

 

FIEO Chief elaborated that availability of low cost loans could resurrect a declining IIP which contracted by 2.2 per cent in June 2013 as per data released on Tuesday. Industrial output in June 2013 was dampened by the continued de-growth in year-on-year (y-o-y) terms in consumer durables (-10.5%; +9.1% in June 2012), capital goods (-6.6%; -27.7% in June 2012) and basic goods (-1.9% +3.6% in June 2012). While intermediate goods displayed a low growth of 1.1% in June 2013 (0.9% in June 2012), consumer-non-durables recorded a modest 5.0% expansion (-0.5% in June 2012).

 

President, FIEO stated that Manufacturing output was a cause of concern with a decline by 2.2% in June 2013 in y-o-y terms, as compared to the 3.2% de-growth in June 2012 and 13 of the 22 sub-sectors of the manufacturing sector (with a combined weight of 37% in the IIP Index) recorded a contraction in June 2013, highlighting the broad-based nature of the downturn in manufacturing.

 

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