MUMBAI (Commoditiescontrol) - The Commerce Ministry of India is thinking over considering interest subsidy benefits for textile sector, including garments. The aim to help boost country’s exports, which is on the downfall from the last many months. In May 2015, India's exports shrank by about 20.19 percent to US $22.34 billion, marking a fall for the sixth straight month. The textiles sector accounts for about six percent of the country's total exports.
The interest subvention scheme of 3 percent ended on March 31, 2014. Under the interest subvention scheme exporters get loans at affordable rates. Federation of Indian Export Organisations (FIEO) is demanding to extend the interest subvention scheme with retrospective effect from April 2014. Under the interest subvention scheme, exporters get loans at affordable rates.
Commerce Secretary Rajeev Kher had recently informed that the ministry has completed discussions with the Department of Revenue and soon they would take the decision on the issue.
Loans at subsidised rates would help exporters to boost shipments as the country's overall exports were in the negative zone during the last six months.
In 2014-15, textiles exports grew by 12.28 percent year-on-year to about US $17 billion.
(By Commoditiescontrol Bureau; +91-22-40015534).
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