Dollar rise of no benefit to exporters; as exports halt: EEPC India

Dollar rise of no benefit to exporters; as exports halt: EEPC India

Agency News

Kolkata, Mar 20 : A sharp rise in dollar value due to flight of capital into safe assets would be of no benefit to exporters as no exports are taking place in the midst of a global battle against COVID- 19 virus, EEPC India today said. ''Our feedback points towards a slow down of shipments with disruption in transport and other trade infrastructure at ports and airports in major markets around the world.

Lockdown in important markets are impacting our operations adversely " said EEPC India chairman Ravi Sehgal. He said under such extremely painful circumstances, " there is no point counting the gains from dollar rise against rupee, with the Greenback reaching near Rs 75''. Mr Sehgal said ferro alloys, steel or automobiles all of these exporters have reported stoppage of shipments. "In the face of continuing uncertainty as to how long the global crisis would last, no fresh orders are forthcoming and even if some odd enquiries are made, prices being quoted are as low as to make business unviable.

The EEPC India said, the exporters are expecting immediate relief from the Reserve Bank of India and the Government. ''The current foreign trade policy will end on March 31, 2020. We have requested the government to continue the existing policy; and Status Holder Certificates be automatically renewed beyond Match 31'', the council said. Likewise, the government may consider extending the export payment from 9 months to 12 months.(UNI)