Commerce Minister Piyush Goyal also launches steel import monitoring system

NEW DELHI: The rupee on Tuesday opened 23 paise down at 71.83 against the US dollar on account of buying in American currency by banks and importers.

Ludhiana: City exporters, particularly those dealing in garments, have heaved a sigh of relief after the announcements by Union finance minister Nirmala Seetharaman.

Indian industry bodies have welcomed the government’s ₹70,000-crore package for stressed exporters and the real estate sector, saying the announcements are in line with expectations and the decisive and comprehensive measures will boost the economy in near-term.

The continuous rise in import of man-made fibres (MMF), especially after the implementation of the goods and services tax (GST), is deeply hurting the domestic textile sector, according to Confederation of Indian Textile Industry (CITI) chairman Sanjay Jain, who observed a substantial post-GST rise in imports of MMF yarn (83 per cent) and apparel (84 per cent).