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Increase in interest equalisation for MSME exporters lauded

 

Hailing the announcement made by the Prime Minister, increasing the interest equalisation from 3 per cent to 5 per cent, Mr Ganesh Kumar Gupta, President, FIEO, called it a very timely move that will help exporters get credit at competitive rates close to the international benchmark. Coming at a time when interest rates are moving northwards, the deeper support of 5 per cent would provide much-needed relief to MSME exporters who were burdened by increasing cost of credit. This move shows that the government is very keen to lend a helping hand to the MSME sector to boost exports and create jobs in the country.

 

Mr Gupta also said that banks should move proactively to increase the flow of credit as there had been about 50 per cent drop in export credit in August 2018 as compared to August 2017. The outstanding export credit in August 2017 was Rs 415 billion which dropped to Rs 205 billion in August this year. He appreciated the move to have a meeting with the bankers so as to impress upon them the need for timely credit and expeditious renewal of limits, said a release.

 

Source : Exim News Service - MUMBAI, Nov. 5

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