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Extend interest subvention to garment exports – Textiles Ministry
09 Mar '10
1 min read
In the recently announced budget, the clothing export sector has been excluded from the interest subsidy scheme which has been extended for one more fiscal year (2010-11) for exports of handicrafts, handlooms and carpets and from small & medium enterprises (SMEs).
The Union Textiles Ministry has requested the Finance Ministry to extend the benefits to the garment export sector as well, as it is still to recover from the effects of the economic slowdown. The government, in the previous budget had announced extension of the scheme till March 31, 2010 for the textiles, garment and leather sector.
Under the interest subvention scheme, exporting companies are eligible for accessing finance at 2 percent lower than the existing market rate. The Textiles Ministry has also raised the issue with the Commerce Ministry which receives the funds for the scheme from the Finance Ministry.
The Union Textiles Ministry has requested the Finance Ministry to extend the benefits to the garment export sector as well, as it is still to recover from the effects of the economic slowdown. The government, in the previous budget had announced extension of the scheme till March 31, 2010 for the textiles, garment and leather sector.
Under the interest subvention scheme, exporting companies are eligible for accessing finance at 2 percent lower than the existing market rate. The Textiles Ministry has also raised the issue with the Commerce Ministry which receives the funds for the scheme from the Finance Ministry.
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