Indian exporters face higher interest, tax rates: Piyush Goyal

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Indian exporters and manufacturers are facing a cost disadvantage due to higher borrowing costs and tax rates, the trade minister said on June 6, after economic growth slipped to a more than four-year low of 5.8% in the January-March quarter.

“We need to address the root cause of problems hurting the exporters and industry,” said Commerce and Industry Minister Piyush Goyal, while speaking at the first meeting of exporters and government officials to discuss plans to promote exports after he took charge last week.

The Monetary Policy Committee of the Reserve Bank of India, which is widely expected to cut the benchmark repo rate by 25 basis points, for the third time in a row, will announce its decision later in the day.