India finally faces reality - ''The rupee appreciation is a cause of concern for exporters and manufacturing firms'': Minister of Commerce and Industries Kamal Nath
Shekhar Pandit
May 29, 2007

Interestingly Rupees is rising faster than Yuan. As India complies with fair trade and China does not - what is the ultimate ramification?

According to media reports, the Central Government in India on Tuesday said it is working on a scheme to refund local taxes and levies to labor-intensive industries with little import content, to offset the impact of the appreciating rupee, which ended at a nine-year high on Monday.

"The rupee appreciation is a cause of concern for exporters and manufacturing firms... we are looking at framing a scheme for labor-intensive industries with no or very little import content to refund the local taxes and levies," Minister of Commerce and Industries Kamal Nath said in Mumbai on the sidelines of the 3rd India-GCC Industrial Forum.

"The rupee rise is a concern and the Ministry of Commerce is in discussions with the RBI... the rise is also connected with international factors like fall in the dollar. We are also in discussion with the export council on what should be the way forward," Nath said.

The minister said the industry had built up resilience and become very competitive, and could digest the rupee appreciation.

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