Hailing the Reserve Bank's measures to aid the economy, the engineering exports body EEPC on Friday said the sector needs a special package to meet the unprecedented challenges.
Relaxations and forbearance given by the RBI on loans would help the industry and the exporting units, particularly in the Small and Medium Enterprises (SME) segments, EEPC Chairman Ravi Sehgal said.
However, as RBI Governor Shaktikanta Das has cited the report of the World Trade Organisation, the global trade is expected to decline up to 32 per cent in 2020 in the face of coronavirus forcing major economies to lock down.
"Under these circumstances, the merchandise exporters face the gravest of threats and would need a special package from the RBI and government," he said.
As China is recovering from the impact of pandemic, it would flood the desperate global markets with essential supplies, India needs to have a specific strategy which should ride on empowering exporters to deal with this unprecedented challenge, the exporters body said in a statement.
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