Exporters disappointed by 'raw deal' from RBI

EEPC Chairman Anupam Shah says rupee stability should be aimed at by increasing exports, rather than by looking at reduced imports

The Engineering Export Promotion Council of India (EEPC), the engineering exporters' organisation, on Tuesday said the Reserve Bank of India (RBI) should have given merchandise exports the kind of priority it deserves for its contribution to currency stability and employment creation.

Rupee stability should be aimed at by increasing exports, rather than by looking at reduced imports, EEPC Chairman Anupam Shah said in a statement.

"While (RBI) Governor Raghuram Rajan has made a realistic assessment of the global markets in stating that the net exports are unlikely to contribute as much to growth going forward as they did in the past, he has not listed any steps or any dispensation that can help exporters in reducing their cost of transaction and production," Shah said.

Federation of Indian Export Organisations President S C Ralhan said an interest subvention notification for exports which is long overdue might help resurrect declining export numbers. He urged the government to quickly notify it for imparting some competitiveness to Indian exports.