Exporters flay credit policy

NEW DELHI: Delhi Exporters Association has flayed the Reserve Bank of India's slack season credit policy for the first half of 1999-2000 as it has completely ignored the export sector, according to DEA president, S P Agarwal. In a statement, Agarwal said the entire exporting community was shocked over the credit policy which had come at a time when the country's export performance had been rather dismal so far during the current fiscal. What was more, the budget had offered no incentives to lift the sagging morale of exporters and to cap it all the revised export and import policy had turned out to be largely import-oriented, he noted. "What shall we do with the credit policy when credit is not available to exporters for executing additional orders", he asked. Credit should be available to exporters across the table, he said adding that currently it took weeks and months to make credit available and some times credit sanctioned was cancelled when exporters orders had been received.

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