Govt keeping close watch on rupee movement: Minister

AMN

The government today said it is keeping a close watch on the rupee movement and its impact on the country’s trade. Talking to reporters in New Delhi, Commerce and Industry Minister Nirmala Sitharaman said, the global demand is not rising and it is impacting country’s exports. She added that along with incentives to exporters, global demand would have to pick up in order to boost the country’s exports.

Replying to a question on e-commerce, she said the ministry has sent reminders to states on the issue. She said, the ministry is discussing with the states on the FDI in e-commerce issue. In a recent meeting, states have suggested that the interest of small retailers and consumers should be protected while promoting foreign direct investment in retail and e-commerce.

On how China’s economic slowdown can become an opportunity for Indian industry, the minister said many small producers depend on raw materials coming from China. She said, they would be able to get benefited but will have to be cautious as not just raw material, finished goods too can come cheap from China.