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Boost For Small And Medium Enterprise Exporters

Thursday, August 01, 2013
By A Business Reporter

Rate of Interest Subvention increased to 3%; pending claims to be cleared immediately

In a much needed benefit  for  exporters of small and medium enterprises as also most labour intensive sectors, the government has increased the rate of Interest Subvention from the existing 2% to 3% and has also decided to clear all pending claims immediately.

Presently the rate of Interest Subvention for credit obtained by exporters is 2%. There had been persistent demand to both increase the rate of subvention and also to widen the coverage. At present, all exporters who are micro and small enterprises, irrespective of the export sector, are beneficiaries of this scheme. In addition, the exporters belonging to the following sectors are eligible to receive interest subvention include Handlooms, Handicraft, Carpets, Toys and Sports Goods, Processed Agricultural Products, Readymade Garments  and 235 tariff lines in Engineering Sectors and textiles made ups.

This will benefit the exporters as their cost will come down appropriately by 1% equalling the increase in the rate of interest subvention.

Incidentally, the Commerce Minister had taken up this issue with the Finance Minister. Both the Ministers had met on Friday 26th July to consider this request from exporters, before the Government decided the increase the rate of Interest Subvention. Moreover, the Commerce and Industry Minister has also convened a meeting of Board of Trade (BoT) on 27th August, 2013 to further review the current situation and the international trade scenario.

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