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Indian garment exporters unhappy with interest subvention

03
Jan '12
Indian garment exporters are disappointed with the recent announcement of the Government to extend the rupee credit interest subvention scheme up to March 31, 2012 for handloom, handicraft, carpet and small and medium enterprise (SME) sectors.

The exporters lament that the scheme excludes garment and knitwear sectors and hence, it will benefit only 40 percent of the industry.

Under the rupee export credit interest subvention scheme operated by Reserve Bank of India (RBI), the Government provides two percentage points interest subvention per annum to all scheduled commercial banks, for rupee export credit to specified categories of exporters.

Out of the total requirement of Rs. 38.92 billion towards interest subvention for the period up to March 2011 projected by RBI, only Rs. 16.54 billion has been released by the RBI so far.

From the balance Rs. 22.38 billion, the CCEA has given its approval to the Department of Commerce for release of Rs. 9.96 billion. This leaves Rs. 12.5 billion for which the Centre gave its approval last month along with approval for additional funds of Rs. 8 billion needed owing to the Government extending the scheme from April 1, 2011 to March 31, 2012.

Fibre2fashion News Desk - India


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