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Rupee rally causes heartburn for textile & clothing exporters

May '07
Chairman, CITI has written on May 3, 2007 to Finance Minister, Textile Minister, Commerce & Industry Minister and Governor, RBI regarding problems arising from the appreciating Rupee and requested them to take immediate measures to arrest the rally of the rupee in order to sustain the market share of Indian textile and clothing industry in major export markets.

Copies of the letters have also been marked to Secretary (Commerce), Secretary (Textiles), Secretary (Banking), JS (Exports), Ministry of Textiles and Textile Commissioner.

Assisted by the positive policy inputs from Government, our Textiles and Clothing (T&C) industry has been able to grow substantially and increase its export performance significantly, during the last few years. However the huge appreciation of the Rupee has now seriously eroded our competitiveness in international markets and exports have started showing negative trends already.

If some drastic steps are not taken immediately to arrest the rally of the Rupee, we run the risk of losing our market share substantially in the major export markets in the coming months.

The Rupee has appreciated by about 10% against the Dollar, during the last two months. Among our major competitors, Sri Lanka, Bangladesh and Vietnam saw depreciation of their currencies during this period and countries like China and Indonesia had negligible currency appreciation. Even on a longer perspective of April 2007 Vs April 2006, the situationis none the better.

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