Panic gripped the Trade and Industry Segment as the country witnessed the third steep fall of the value of the Indian Rupee to Rs.68.80 versus US Dollar. For the trade industry is has become difficult to operate as there is a lot of import content in each manufacturing process due to globalisation.
The Chamber of Industrial and Commercial Undertakings (CICU) urged Finance Minister P Chidambaram and the Government of India to immediately bring up a policy like 1991. In 1991,the Rupee value versus US Dollar had slipped from Rs 19.00 to Rs 26.00 within 4 months (from March 1991 to July 1991). Then the government had come up with a scheme of zero Income Tax for Exports.
It had been very useful then as the Indian Exports had increased tremendously in that decade. Avtar Singh,general secretary,CICU and Upkar Singh joint secretary once again urge the government to bring up a policy besides certain steps to increase exports,otherwise; the Indian Economy will suffer a lot specially the manufacturing sector.