A day after government unveiled a seven pronged strategy to boost exports, the Reserve Bank of India (RBI) too has expressed its commitment to encourage the nation's exports. The central bank’s Executive Director G Padmanabhan opined that various seminars have been organized in different cities to address the concerns of exporters.
Stating that the RBI is taking steps to rein in inflationary pressure on the economy, the RBI official also urged banks to bring transparency into their functioning to help exporters. The nation’s shipment outwards expanded by 21 percent to $303.7 billion in previous financial year. The central bank in its first mid-quarter review of monetary policy for 2012-13 on June 18 is widely expected to announce monetary easing measures to spur growth in Asia’s third largest economy, which slumped to a nine-year low of 5.3 percent during the last quarter of 2011-12.
The government on June 5, 2012 unfurled a series of sops to meet the $360 billion exports target, 20 percent higher than last fiscal year’s figures, amid a global downturn that is seriously threatening to disrupt the country’s growth momentum. While, the measures announced by government include subsidized loans and other sops, focusing on non-traditional markets in Latin America and Africa, they also have sought to provide a boost to labor intensive sectors, particularly textiles, to beat the impact of a slowdown in Europe and the US.
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