Govt to soon announce interest subvention scheme for exporters

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ExportConcerned over a continuous decline in exports, the government on Friday said it will soon announce an interest subsidy scheme for exporters.

“The interest subvention scheme is to be announced soon, which will give encouragement to sectors that have high potential,” Commerce and Industry Minister Nirmala Sitharaman said at a function.

She said that exports are largely suffering because international demand is not picking up and currencies, particularly euro, are depreciating.

“So, the triggers for improving the export performance are not really happening,” she said, adding that the ministry is discussing the matter with industry groups to find ways to push exports and explore new markets.

Under the interest subvention scheme, exporters get loans at affordable rates. Loans at subsidised rates will help exporters boost shipments as the country’s exports were in the negative zone during the past seven months.

The interest subvention scheme of 3 per cent ended on March 31 last year.

For the seventh month in a row, India’s exports fell 15.82 per cent in June to USD 22.28 billion due to global slowdown and decline in crude oil prices that impacted shipments of petroleum products.