Learning from others’ Mistakes

Author: Neha Dhemija

On a call from the Cabinet Secretary, K M Chandreshekhar, a meeting for devising ways to pull the nation out of the fund-drought situation is to be held. Participants include the secretaries from the most affected departments like commerce, IT, Telecom and agriculture. The measures that can be adopted to save the financial markets and avoid similar happenings in future are to be dug. A report being prepared by Dipp i.e. the department of industrial policy and promotion is to be presented in the meeting.

Exporters have been asking for re-granting of the concessions that were provided in the times of appreciating rupee. However, Government has denied these as the rupee is presently in depreciating mode. Not only are the importers definitely at a loss because of the depreciating rupee but also ‘import-intensive’ exports are among the sufferers.
	Each of the mentioned sectors is already facing the dire consequences of Global Financial Crisis and is expected to continually do this, if ways to fix the problem are not figured out. The reason is that a major chunk of Indian trade involves US and European Union. So, any instability in the financial scenario of these countries is sure to show the rippling effect in India. Commerce secretary G K Pillai met with the senior officials of his department and reviewed the conditions. Representatives from Directorate General of Foreign Trade were also a part of it.