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| September 12, 1997 |
Commerce Minister B B Ramaiah on Friday said he
was against the devaluation of rupee as it would inflate the import
bill, particularly in respect of petroleum, edible oils, and
fertilisers.
''We would rather like to see the Indian currency becoming stronger,'' Dr Ramaiah, said while addressing the three-day economic editors' conference which concluded in New Delhi on Wednesday. He said all-out efforts were being made to secure the maximum benefits from the South Asian Preferential Trade Agreement. Dr Ramaiah said his ministry has drawn up a strategy to promote exports to Latin American countries, particularly Brazil, Argentina, Peru, Chile and Mexico. Two committees have been set up to suggest measures to increase the share of exports to Latin America from the present 350 million dollars to at least one billion dollar. He said the agricultural products export development authority has identified floriculture and vegetables, and eggs and poultry products for exports as these have good demand abroad.
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