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Government raises interest subsidy to revive exports

  •   Wed, Jul 31 2013 06:34:01 PM

New Delhi, July 31 (IANS): In a bid to revive exports, the government Wednesday announced an interest subsidy increase for exporters from the existing two percent to three percent.

The new rate would be applicable from Aug 1, Commerce and Industry Minister Anand Sharma said.

"It has now been decided by the government to increase the rate of interest subvention from the existing 2 percent to 3 percent," the commerce ministry said in a statement released here.

This will benefit the exporters of small and medium enterprises and also the most of the labour intensive sectors. Their cost will come down appropriately by increase in the rate of interest subvention.

The decision to increase subsidy for exporters was taken during a meeting Sharma had with Finance Minister P. Chidambaram July 26.

Sharma has convened a meeting of Board of Trade Aug 27 to review the current situation and the international trade scenario.

India's exports declined by 1.4 percent to $72.46 billion in the first three months of the current financial year, according to the latest official data.

  

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Comment on this article

  • Sharraad Prabhuddas, Bangalore

    Wed, Jul 31 2013

    Strong dollar/weak rupee should discourage Imports and encourage exports, as our goods become more attractive to the buyers, but strangely the Imports increase unabated and the Exports are declining. Govt. needs to come up with clear policies on FDI in almost all sectors.

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