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Commerce Minister bats for subsidy to textile sector

05
Mar '10
Mr Anand Sharma
'I will take up the concern raised by a few sectors like leather and engineering for continuation of subsidised export credit with the Finance Minister”, said the Commerce Minister, Mr Anand Sharma.

He was referring to the discontinuation of two percent interest subvention scheme for a few sectors from March 31, 2010, which was to expire from that date and has been extended to only the handicrafts, carpets, handlooms and SMEs for one more year.

Earlier the scheme was availed by other sectors like textiles, gems and jewelry and the leather industry. Apex export bodies have approached the Commerce Minister to ensure continuation of the subsidy scheme to these sectors.

Giving his observations on exports from India, he was optimistic that shipments would at least reach US $165 billion in the current fiscal against $185 billion attained in the previous fiscal.

Fibre2fashion News Desk - India


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