Seventy nine percent of exporters surveyed on Prospects of 2007-08 Exports Targets fixed by government, felt that these are too ambitious to achieve in the backdrop of sharp rise in rupee value and emerging slow down in global economy, particularly US and EU, according to ASSOCHAM Business Barometer (ABB).
“The appreciating rupee is a matter of concern for fifty nine percent of exporters and want intervention of RBI as per ASSOCHAM ABB findings. Appreciating rupee is making exports uncompetitive."
"Besides eighty percent of exporters surveyed felt that further hardening of rupee might lead to a slower growth in their respective sectors and in that scenario expected growth in exports, as a whole would be around ten percent. The ABB notes “RBI Annual Policy 2007-08 doesn't address the problem facing by the exporters”.
Fifty five percent of the respondents felt that global slowdown is also one of the reasons for slowdown in exports growth. They felt the trend to continue in current fiscal year. The slowing down of US and EU is a major concern and expect infrastructure support from the government in identifying new potential markets.
Sixty percent feel the growth in the exports will be around 10% to 15% in the current fiscal year. The respondents would like the Government to make note of realities like hardening rupee, increasing interest rates, poor infrastructure facilities and increasing high transaction costs.
All these are making the Indian products uncompetitive in the global market .The government should facilitate trade with other potential countries on a proactive basis, said ASSOCHAM President, Mr. Venugopal N. Dhoot while releasing the Survey.
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