Exporters demand extension of interest equalisation scheme

New Delhi: The Indian exporters on Sunday urged Finance Minister Nirmala Sitharaman to extend the interest equalisation scheme for getting affordable rates of credit, as their demand was not mentioned in Budget.The scheme ended on December 31 last year.

The scheme, according to exporters, has helped them avail of rupee export credit at competitive rates at a time when the global economy is facing headwinds. Exporters used to get subsidies under the scheme for pre and post-shipment rupee export credit.

Sanjay Budhia, Chairman of CII National Committee on EXIM, said though the Budget announcements would help boost outbound shipments, “we sincerely request the Finance Minister to kindly reinstate the scheme for all exporters to make them globally competitive”.

Sharing similar views, FIEO President Ashwani Kumar said the commerce ministry has allocated funds of Rs 2,250 crore under export promotion scheme of covering IES and MAI (market access initiative).