Insight
Date Time 10-Jun-2016 10:58:00 AM
Head Line Automakers seek rupee payment with Africa to boost exports
Source Dion Global Solutions Ltd.
News Category Industry
News Details
An auto industry body has said that automakers in India want to trade with African nations in rupees instead of dollars, in an attempt to boost exports to the continent. As per reports, Africa, until last year, was the top importer of Indian-made vehicles, a position that now belongs to Latin America that receives 25 percent of India's auto exports. As per reports, growth in total auto exports from India slowed to about 1.9 percent in the year to end-March compared with 15 percent growth in the previous 12-month period, due to falling sales to Africa. Commenting on the issue, Sugato Sen, deputy director general at the Society of Indian Automobile Manufacturers (SIAM) told the media, “Falling commodity prices have hit the economy of several African nations that are finding it challenging to make payments in dollars.” “SIAM, which represents carmakers in India, will write to the ministry of commerce later this month seeking a shift from dollar to rupee for all trade with African countries,” he added.
Source : Dion Global Solutions Ltd.