Panic in trade and industry for consecutive slipping of Indian Rupee v/s US Dollar

Ludhiana, August 28, 2013: Upon seeing consecutive 3rd day steep fall of value of Indian Rupee to Rs.68.80 versus US Dollar has caused severe panic amongst the trade and industry Segment of the Country.  It has hanged over the trade and industry to operate the business as there is lot of import content like raw material and capital goods in each manufacturing process due to globalisation.
Therefore, Chamber of Industrial and Commercial Undertakings (CICU), Ludhiana has urged upon the Union Finance Minister P. Chidambaram and the Government of India (GoI) to immediately bring up a policy 1991 alike; when the Rupee value versus US Dollar had slipped from Rs.19 to Rs. 26 within 4 months (from March’ 1991 to July’ 1991).  Then Government had come up with a scheme of zero Income Tax for Exports.  It had been very useful that time as the Indian Exports had increased tremendously in that decade.  
In a statement here today, Avtar Singh, General Secretary and Upkar Singh Ahuja, Joint Secretary, CICU, Ludhiana have once again urged upon the government to immediately bring up a policy besides certain steps to increase exports, otherwise; the Indian economy would suffer a lot specially manufacturing sector.