Proposal by the Department of Commerce
Sharp decline in export credit is impacting exporters and MSME units. Sop proposal entails benefits of around Rs. 600 crore to exporters. It’s a proposal by the Department of Commerce.
Commerce Minister Suresh Prabhu has raised the issue of declining export credit repeatedly. Loans to exporters should be considered as priority sector lending by banks. Federation of Indian Export Organisations (FIEO) endorsed.
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".. The government .. decided to provide 3 % interest subsidy to merchant exporters to enhance flow of funds for them with a view to boosting outbound shipments.
The decision was taken by the Cabinet Committee on Economic Affairs. .."
".. These products are largely in MSME/labour-intensive sectors such as agriculture, textiles, leather, handicraft and machinery. ..
.. inclusion of merchant exporters in the scheme is expected to make exporters more competitive, encourage them to export more products manufactured by MSMEs.
".. The present scheme, which is in force from April 1, 2015, for five years, provides interest equalisation (or subsidy) rate of 3 % to all manufacturing exporters shipping 416 products and 5 % on all merchandise products manufactured and exported by MSMEs (micro, small and medium enterprises).
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Find this at http://www.livemint.com/Politics/tJ9qF0MmMhTVhTKHcZQbSI/Government-to-provide-Rs-600-crore-subsidy-sops-to-merchant.html .
This is from January 2019.
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