?Exports from MP must be diversified?

STATE BANK of Indore organised an ?Exporters? Meet? at Hotel Planet here today. Bank Managing Director C Narasimhan inaugurated the meet.

STATE BANK of Indore organised an “Exporters’ Meet” at Hotel Planet here today. Bank Managing Director C Narasimhan inaugurated the meet.

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Speaking on the occasion, Narasimhan stressed on the need for diversifying exports from Madhya Pradesh to sectors other than soya, like knowledge based exports, agri-exports, floriculture, etc. He mentioned that a State like Madhya Pradesh has immense potential for exports and the State’s share in exports from the country should grow at a faster pace.

He further added that Indore Bank has a range of products and services for exporters at competitive pricing. He also offered to hold a workshop on derivatives for the exporters to increase their awareness in this new area for hedging of Forex exposure, which was welcomed by all present. 

The meet had an overwhelming response and was attended by more than 75 exporters from Indore, Dewas and Pithampur. The industrialists present at the meet included S K Choudhury of Pratibha Syntax, Girish Matlani of Sonic Biochem, J S Anand of Adroit Industries, Rajiv Soni of Metalman Industries and representatives from Tata International, Tat Holset and Sahara Group.

Addressing the meet, Indore Bank CGM T A Padmanabhan appreciated the government’s initiatives for creation of MP World Trade Centre and Apex Investment Promotion Empowered Committee and expressed his confidence that Madhya Pradesh will also make a mark in exports in sectors other than soya in the coming years. 

He informed those present on the occasion that the Bank’s Forex turnover and export credit stood at Rs 19,000 crore and Rs 1,000 crore respectively and the Bank was looking forward to supporting export activity.  Bank’s senior officials were present at the function today.