The government had announced a Rs 1,400 crore (Rs 14 billion) package in July for exporters. "We have taken note of the short-term pain of exporters and we have given them a package. But we hope that they will quickly adjust to the new level of rupee," Finance Minister P Chidambaram told PTI.
Exporters are demanding more sops to deal with rupee appreciation against the US dollar, complaining that their realisations have gone down due to the rupee effect and the prices they are quoting for new orders are turning away customers.
The rupee has appreciated about 9 per cent since March. From the lows of over Rs 45 in October-November last year, it is now ruling slightly above Rs 40. Commerce and Industry Minister Kamal Nath also supported the exporters on Tuesday stating that the government was thinking of a new package for exporters.
"The appreciating rupee has impacted exports and we are seized of the matter," he said. The Finance Minister, however, said there could not be a situation where the economy grows but the rupee remains weak. Exporters should take this into account while booking new orders, he added.
"When they book the new orders, they should factor these things into account. You cannot say the economy should grow but the rupee should not become strong," he said.