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2013-08-01

Govt raises interest rate on subsidy scheme to encourage exports

Seeking to encourage exports, the government on Wednesday decided to raise the rate of interest on subsidy scheme for exporters to 3 per cent and widen the coverage of the scheme to cover more sectors.

Seeking to encourage exports, the government on Wednesday decided to raise the rate of interest on subsidy scheme for exporters to 3 per cent and widen the coverage of the scheme to cover more sectors.

 

“The rate of interest subvention from tomorrow, which would be available to exporters, would be enhanced to 3 per cent...that is deepening of the benefit”, Anand Sharma Commerce and Industry Minister told reporters.

 

At present the interest subvention for exporters, which is a kind of interest subsidy, is at 2 per cent.

 

As per the scheme, state-run banks provide loans to exporters of select goods, and MSMEs at a discount to the prevailing rate of interest. The government then reimburses the difference to these banks.

 

The Minister further said that all efforts would be made to clear claims of exporters.

 

“The government is making available the required resources to clear all claims of the exporters...and the provisions are being made to ensure that claims of all the exporters are settled forthwith”, the Minister said.

 

Sharma said the government was also considering raising plan allocation for Market Access Initiative (MAI), Market Development Assistance and Central Assistance to States for Developing Export Infrastructure and other Allied Activities (ASIDE) Scheme.

 

The commerce ministry, he said, has called a meeting of Board of Trade (BoT) on August 27 to consider more steps to give a boost to exports which is facing the brunt of global slowdown.

 

India’s merchandise exports have declined 1.4 per cent to $72.46 billion in the quarter ended June 2013 (April-June 2013).

 

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