Adjust to competitive exchange rates: FM to exporters

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Chennai, Oct 28 (UNI) Asserting that Indian stock market was a well regulated market, Union Finance Minister P Chidambaram tonight said exporters had been given three relief packages to the tune of Rs 5,000 to Rs 5,500 crore, and they should learn to live with the competitive exchange rates.

Talking to Journalists after inaugurating Jet Airways' first flight from Chennai to Toronto via Brussels, he said the Centre had already given two set of relief packages. 'The first one was valued at Rs 1,400 crore and the second to the tune of Rs 1,500 crore'', he added.

The exporters would be getting additional DEPP benefits to the tune of Rs 3,200 crore.

''We have given them enough. If necessary we will consider them (exporters) giving more beneifts,'' he added.

Pointing out that despite appreciation of the rupee, exports were still growing at about 18 to 19 per cent per year, he said the exporters should have to learn living at competitive exchange rate.

Though the Centre was concerned about the appreciation of the Indian rupee, he said the Finance Ministry had acted swiftly by giving three relief packages which together comes to around Rs 5,000 crore to Rs 5,500 crore.

About the volatility in the stock market, more so in the wake of P-Notes issue, he said the Indian stock market was a regulated market.

''If there is buying and selling at frenzied pace, there will be some volatility. But responsible and well regulated market players will adjust their activity. Still I say, Indian stock market is a well regulated stock market'', he added.

UNI

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