Thiruvananthapuram, Aug 13 (IANS) The State Level Bankers Committee (SLBC) has assured the Kerala government that it will take up the urgent working capital concerns of exporters hit by the US’ recent imposition of a 50 per cent tariff on imports from India.
The commitment came during a meeting between SLBC representatives and state Industries, Law and Coir Minister P. Rajeev.
The apex body of commercial banks in the state confirmed that the matter would be placed on the agenda for its meeting scheduled for August 18.
The punitive tariff, announced by Washington earlier this month, has caused a severe setback for export-oriented units in Kerala.
Several exporters have reported that confirmed orders were either cancelled outright or placed on indefinite hold, creating an immediate cash flow crunch.
Minister Rajeev convened the meeting after receiving complaints from exporters that many banks were delaying or withholding approval for working capital applications.
These grievances were first raised during an interaction between the minister and exporters in Kochi earlier this week, where the industry representatives sought urgent government intervention.
“The state government stands firmly with the export sector at this difficult juncture,” Rajeev told the SLBC delegation.
He also assured exporters that he would include their specific demands when submitting a related memorandum to the Central government for support measures.
The minister urged the sector to diversify its markets and reduce overdependence on traditional buyers.
“Export-oriented industries should also look inwards and utilise the untapped market potential within the rest of India,” he said, stressing the importance of resilience and adaptability in the face of global trade disruptions.
Rajeeve further added that the government would explore new overseas opportunities by engaging with members of the Loka Kerala Sabha, who represent Kerala’s diaspora across the world.
Such networking, he said, could help identify and open up alternative markets to offset the loss from the US tariff.
The SLBC’s forthcoming meeting is expected to outline concrete steps for facilitating faster access to working capital, ensuring that Kerala’s exporters can weather the financial turbulence and remain competitive in the global marketplace.
–IANS
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