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FIEO reiterates its demand to bring export under priority sector lending

New Delhi, Oct 30 (KNN)  Batting for exporters, the Federation of Indian Export Organisations (FIEO) has once again demanded for exports to be brought back under priority sector lending with a separate cap on exports.

Reacting to RBI’s Monitory Policy released yesterday, FIEO President, Rafeeque Ahmed said, “RBI has continued its focus on inflation rather than on growth.”

“…bring back exports under priority sector lending and put a separate cap on exports, within 40 per cent norms, so that the apprehension that other priority sectors will lose attention is equally addressed,” Ahmed added.

The apex body for exporters agreed with RBI that the outlook of global growth has improved with fiscal concerns abating in the US and key economic indicators improving in the Euro area.

Ahmed exuded confidence about posting better exports result in the second half of the current fiscal.

President FIEO added that pressure on currency could be lessened only through exports on a sustainable basis and demanded that recommendation of the Padmanabhan Committee be implemented in a time bound manner.