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Further hike in interest rates is anticipated, FIEO Chief
10
Aug '10
Mr A Sakthivel, President, Federation of Indian Export Organisations (FIEO) while commenting on the latest update of RBI stated that while the credit off-take was stagnant for the last month or so at around 21.3% vis-à-vis 15.2% in the corresponding period last year, the off-take has been primarily due to the telecom auctions & advance tax payments.

President, FIEO stated that with the repo rate being raised by 50 basis points in the 1st Monetary Policy review, rates of commercial paper have increased by 150 basis points anddouble digit inflation at 10.55% has shown little signs of waning.FIEO Chief elaborated that in the next review of the September 16, 2010 Monetary Policy a further hike in interest rates is anticipated.

Added to this is the specter of inflows which as per the Prime Minister's Economic Advisory Council would be around $ 73 Billion.However, what is, perhaps, alarming is that the volatile component (equity & short term inflows) which have increased from 14.8% last fiscal to 18.8% this fiscal till date and the possible impact it may have on the rupee-dollar movements in turn affecting exports adversely.

Federation of Indian Export Organisations (FIEO)

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