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Business News

Jun 07, 2019

Country should move away from subsidies to easy availability of cheaper credit to exporters, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal has said, timely and efficient availability of export credit is critical for any trade activity and is one of the key drivers that boost the growth of export. He said, the time has come when we should move away from subsidies to easy availability of cheaper credit to exporters.

Mr Goyal said this at a meeting in New Delhi today on issues related to export credit with representatives of exporters organisations.

He said, the share of export credit has come down in the last few years and this is a cause of concern especially for the MSME sector that suffers due to the demand of collateral from lending institutions.

The Minister said, transparency will ensure that the genuine competitive advantages of India’s exports may be harnessed.

He hoped that outcomes of today’s meeting with all stakeholders will not only provide a vision for the export sector but will also give a road map for implementation and action by Government departments and financial institutions.

He hoped that the result of this meeting will lead to export credit tripling in the next five years and allow India to be on par with the rest of the world where credit is cheaper and interest rates are lower.

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