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2013-09-28

Govt. in talks with RBI to make export credit cheaper: Chidambaram

Finance Minister P. Chidambaram said that the Central government is in regular talks with the Reserve Bank of India to make export credit cheaper to boost exports.

Finance Minister P. Chidambaram said that the Central government is in regular talks with the Reserve Bank  of India to make export credit cheaper to boost exports.

 

In an interactive meeting with the exporters at Federation of Indian Exports Organisations (FIEO), he made it clear to the repeated demands for cutting interest rates, that it was in the purview of the RBI. 

 

Commenting on issue of falling rupee Chidambaram said, “The right level of rupee would be between Rs 59- 60 per dollar and the currency should not overshoot that level. But that is not something I am willing to pronounce on”.

 

Chidamabaram also said, “The Padmanabhan Committee has studied the issue of export credit in detail but said that putting exports under priority sector might affect some other sectors. Under the priority sector lending banks lend 40 per cent of their loans to sectors such as agriculture and small scale industries.”

 

Ramu Deora, former president of the FIEO said, “If the government implemented the RS Gujral report of the interministerial committee for boosting exports from the MSME sector, it would increase exports and manufacturing activities as well as generate employment.” RBI governor Raghuram Rajan, then chief economic adviser to the Finance Ministry, was one of the members of the committee

 

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