By IANS
Mumbai : Commerce and Industry Minister Kamal Nath Tuesday expressed concern over appreciation of the Indian rupee against the US dollar and said the government was taking steps to control it.
"We are discussing with the export council on the way forward. The rupee's rise is a concern and the ministry of trade and commerce is discussing the issue with RBI also," the minister said at a two-day India-Gulf Cooperation Council (GCC) meeting.
He said the rising rupee was connected to several international factors and that the government was looking at refunding local taxes to labour intensive units and those that have little or no import component.
"We know for a fact that certain sections of our economy are affected by the rise. The realisation from export services is going down. We are looking at various schemes and thinking of refunding taxes to help growth of exports," Kamal Nath said.
Referring to proposed schemes, the minister said Indian industry had built resilience and reached a high level of competitiveness.
On the issue of special economic zones (SEZs), he said: "There should be no compulsory land acquisition." He added that SEZs were here to stay as they were important drivers of growth.
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