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The Govt has announced 3% interest subsidy to boost exports

The government, over the concern on continues decline in exports, has announced 3 percent interest subsidy scheme for exporters which will have a financial implication of about Rs 2,700 crore.

In a meeting of Cabinet Committee on Economic Affairs headed by the Prime Minister Narendra Modi, the decision was taken to help boost overseas shipments.

According to an official statement, the CCEA has given its approval for “Interest Equalisation Scheme (earlier called Interest Subvention Scheme) on Pre and Post Shipment Rupee Export Credit with effect from 1st April, 2015 for five years”.

It said that the rate of interest equalisation would be 3 percent and added that it will be evaluated after three years.

It further added that the financial implication of the proposed scheme is estimated to be in the range of Rs 2,500 crore to Rs 2,700 crore per year.

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