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M'lore: Monetary, Credit Policy of RBI Disappointing - Walter D'Souza
- Tue, Dec 11 2007 09:47:54 AM
Daijiworld Media Network – Mangalore (KD/NR)
Mangalore, Dec 11: In 2006-07 Karnataka recorded an export turnover of Rs 1,02,000 crore and in this the export share of coastal Karnataka stood at Rs 14,500 crore, informed Walter D'Souza the convener of the Federation of Indian Export Organization (FIEO) here on Monday December 10.
Speaking at the workshop entitled 'Growth Opportunities for Exporters', he said that if proper infrastructure and other facilities were provided to the industries in the region, exports would double in 2010. He also said that the monetary and credit policy announced by the Reserve Bank of India (RBI) was disappointing.
It is indeed disheartening to know that no significant measures have been announced to reduce the cost of credit to small and medium enterprises (SMEs), he rued. On the contrary it has announced an increase in the cash reserve ratio (CRR) by 50 basis points. According to him this would restrict the flow of credit to the SME sector and would create a liquidity crunch, in-turn affecting trade and industry in the country, he opined.