Speaking at an interactive session organised by Engineering Export Promotion Council (EEPC) here, Gujral said a strong rupee has become a reality and exporters would have to accept that. He said a strong rupee was good for the economy as imports would be cheaper. However, export realisation would fall due to appreciation of the rupee vis-a-vis the dollar. Gujral also asked exporters to cut down transaction costs to remain competitive. EEPC estimates that at the current exchange rate between the rupee and the dollar, engineering exports in 2007-08 would remain flat at last year’s level of $27 billion. Exporters also raised the issue of non-payment of VAT refund by the West Bengal government. read more
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