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2012-06-06

Govt extends interest subsidy for labour intensive sectors

In an attempt to boost foreign trade, the government on Tuesday announced extension of interest subsidy scheme by one year till March 31, 2013 that was launched last year for labour intensive sectors such as SMEs, handlooms, handicrafts and carpets, provi

In an attempt to boost foreign trade, the government on Tuesday announced extension of interest subsidy scheme by one year till March 31, 2013. The scheme was launched last year for labour intensive sectors such as SMEs, handlooms, handicrafts and carpets, providing two per cent interest subvention. The government has also set the target of increasing exports by 20 per cent in 2012-13.

"We have now decided to extend the scheme for another year till 31st March 2013 and expand its coverage to include other labour intensive sectors namely toys, sports goods, processed agricultural products and ready-made garments," said Commerce and Industry Minister, Anand Sharma in the annual supplement to the foreign trade policy.

Sharma also said that the government has decided to continue with most of the incentives announced last year to help exporters.

"It is our expectation that with these measures and with the tenacity of our exporting community, we shall be able to sustain an annual export growth of 20 percent this fiscal as well," the minister added.

While India's exports increased by 20.94 percent to $303.71 billion in fiscal year 2011-12, surpassing the government's target of $300 billion, the sluggish growth of only 3.23 per cent to $24.45 was recorded in the first month of April for year 2012-13.

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