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: gone up to as high as 16%. If export credit is given at 2.5% below PLR, most exporters are getting it at 12-13.5%.
Such a high interest rate would not make them competitive when our rival nations are getting export credit at less than 5%. However, if the government can ensure export credit in foreign currency at Libor-plus-100 basis points, we will not object to withdrawal of the subvention scheme.
What are the prospects for exports for the rest of the year, and will the annual export target be met?
Looking at commodities and metal prices, I am confident that we would be able to achieve the export target. According to July 2008 data, exports are at 31%. If we clock over 30% in next few months, we may be able to achieve the target. However, I would again reiterate that this would be only due to the exceptional performance by a few sectors. Given its dismal performance, the government should consider providing a fillip to traditional export sectors so that both the objectives of foreign trade policy and providing additional employment are achieved....
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