New Delhi: The dip in rupee is expected to boost exports as it will make goods and services competitive. “Rupee touching 70 against US dollar should help Indian exports to grow at fast pace. This is because most of the Asian currency have not depreciated at such a pace like that of rupee,” said Dr Ajay Sahai, director general and CEO, FIEO.
He said if one talks about Latin American then India may face some competition from them but it is to small basked of commodities which could be impacted. However, depreciation of rupee will help India in services and related sectors.
The dip should help traditional goods of India where the import competent is less except — gems and jewellery segment.
The sectors which will benefit include, agri-marine, low engineering export among others.
“However, the textile industry may be at a disadvantage with sharp depreciation in Lira as Turkey is one of the competitors. Same is true for commodities as Argentinian and Brazilian currencies have depreciated at a steeper pace,” said FIEO president Ganesh Kumar Gupta.
