The Finance Ministry is likely to continue 3 per cent interest subsidy scheme for exporters in the forthcoming Budget with a view to help them tide over the tough global trade environment. “The scheme was announced in November 2015 and we expect that it would continue in this Budget also,” sources said. Continuation of the scheme would help exporting sectors such as handicrafts, carpets, tea and rice.
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Exporters body FIEO said that the scheme is helping exporters in this tough global situation. “We are expecting Rs 2,500 crore in this Budget from the Finance Ministry. It is important because the cost of credit is still very high in India compared to global benchmarks.
We would urge the government to continue with this scheme,” FIEO Director General Ajay Sahai said. He said the scheme is available to all exports of Micro, Small and Medium Enterprises among others.
Commerce and Industry Minister Nirmala Sitharaman has recently stated that the scheme has been very successful and the Finance Ministry too share this view. “… Even now there is lot of goodwill about this programme in the finance ministry. We are reminding them … so even in the coming budget, I do not see any issue about this,” she has said.