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Sitharaman was in Chennai to explain, how the Congress is not letting the Parliament to function and how important bills are not passed during the ongoing session.
"China's Yuan is definitely a very very serious issue, it can lead to a situation where China will push more of its goods into markets like India. Already, I am conscious and the ministry is working to get the situation changed to improve the exports," said the Minister.
She added, already her ministry is conscious that exports are fallen and with this devaluation of yuan (twice in 48hours) definitely exports from India are going to face greater challenge.
"In the commerce Ministry we are very seized of this matter and I can assure the Indian manufacturers that we shall take every step to protect the Indian manufacturing sector, every step to stop dumping of goods into India. We shall safeguard our manufacturing interest", said the minister.
"Dumping will not be entertained, wherever there is an artificial price reduction, which is what happening through China now, we will make sure safeguard clauses are invoked," added the minister.
It may be noted, this week the Chinese government has allowed its currency, the Yuan, to decline in value by about 4 percent against the US dollar.
Today, globally there are only four currencies which are exchanged and China wants its currency to be acceptable. "Chinese currency can become a reserve currency, probably it is one of the reason they are trying to open it up for market price fixation," said the minister.
She said the government would take steps to stop dumping of goods by China and the government is monitoring several sectors that might be affected by the Chinese Yuan devaluation and talking to various industry bodies on the issue.
According to the minister, already exports from India has affected, drop by about six per cent, since global demand is coming down, European countires, which is one of the major markets for Indian exporters, are stagnated, issues relates to Euro currency and confusion over Greece crisis are some of the major challenges.
