Reprieve for exporters

There might be some cause for cheer for exporters. With the rupee depreciating steadily against the dollar in recent months, the government had declared that it was all set to withdraw the sops it had extended to exporters last year.

But now, the Commerce Ministry is doing a rethink. Says a senior bureaucrat: “We feel that we should continue with the special benefits in view of rising interest rates and input costs. We will seek the formal approval of the Cabinet.” The sops given to exporters included enhanced duty drawbacks and DEPB rates.

—Rishi Joshi