Industrialists request Manmohan Singh for export incentives

New Delhi, Aug 11 (ANI): The Federation of Indian Chambers of Commerce and Industry (FICCI) on Tuesday requested Prime Minister Dr. Manmohan Singh to give incentives and support to exporters.

FICCI chief Harsh Pati Singhania called for special emphasis on services exports, and also suggested the creation of a technology upgrade fund scheme for engineering goods, which constitute around a quarter of India's total exports.

"We did touch upon the issue of specific incentives. But, we did mention that a lot of other developing countries are giving incentives and support to the exporters. We need to do things accordingly," said Singhania.

FICCI Secretary General Amit Mitra said that the Prime Minister addressed the concern of food inflation and assured there was enough buffer stock to check food inflation.

"I think the concern is one of food inflation and on that count as the President has said Prime Minister said we have enough buffer stock. We have the highest food collection this year. We will do everything possible to make sure that food inflation does not happen. Other than that, I don't think there is any worry about aggregate inflation.

Inflation is still very low. It is only food which can push this inflation up," said Mitra.

Food prices in India are rising at 9.7 per cent from year-ago levels, which does not adequately reflect in the wholesale price index due to its low representation.

Consumers are paying a lot more for pulses, vegetables and cereals compared to last year levels.

This has affected the poor more, who spend more of their disposable income on food. (ANI)