Friday, September 27, 2013

FM backs priority sector tag for exports

| Sep 28, 2013,

MUMBAI: Finance minister P Chidambaram has said that his ministry supported the demand for including exports under priority sector finance and will take up the matter with the Reserve Bank of India.

Priority sector refers to the business activity identified by the regulator with mandatory lending targets. Banks not meeting the targets have to invest in low-yielding government funds for that sector.

Addressing a gathering organized by the Federation of Indian Export Organisations on Friday, the finance minister said, \"One community that cannot complain about the movement of the rupee are exporters . The rupee has to find its own level, whatever that level is. We feel that 59-60 is the right level for the rupee,\" he said.
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