PM's intervention sought for rupee-hit exporters

New Delhi, Dec 11 In an effort to hasten relief to exporters facing huge losses due to rupee's rise against the US dollar, the commerce and industry ministry is seeking the intervention of Prime Minister Manmohan Singh.

The rupee has surged by about 15 percent this year, which has led to big losses by exporters, who in turn have cut jobs in large numbers.

'This is being examined by the prime minister, who will take a decision on what's to be done or the cabinet will take a view. We must have complete remission and refund of duties,' Commerce and Industry Minister Kamal Nath told reporters Tuesday on the sidelines of the TiE Entrepreneurial Summit currently underway here.

Earlier this year, the finance ministry raised tax refund rates, reduced lending rates for exporters, and cut import duties as measures to help the sector.

Kamal Nath had written a letter to the prime minister for more relief measures.

On the issue of the government's decision to relax the ceiling on the size of multi-product special economic zones (SEZs) from the current permissible limit of 5,000 hectares, the minister said: 'The government is not considering any proposal to relax the 5,000 hectare cap on the land size for SEZs.'

'There cannot be a one-size-fits-all policy for all the states,' he, however, added.

He also reiterated that the review of foreign direct investment was likely to come up before the cabinet next week.

-IANS