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Thursday, March 4, 2010

Sharma to meet FM for subsidised credit to textile

Commerce and Industry Minister Anand Sharma today said he will take up the issue of continuation of subsidised export credit to sectors like leather and engineering goods with Finance Minister Pranab Mukherjee.

"I am concerned about chemicals, textiles, engineering and leather which need interest subvention. I am going to take it up with the Finance Minister. We are looking at continuation of interest subvention for some of these sectors," Sharma told reporters here.

The two-per cent interest subsidy (interest subvention) scheme was to expire on March 31, 2010, but in the Budget, Mukherjee has proposed to extend it for handicrafts, carpets, handlooms and SMEs for one more year.

Earlier, the scheme covered more sectors including leather, textile, gems and jewellery.

Apex exporters body Federation of Indian Export Organisations (FIEO) has also approached the Finance Ministry for the subsidised credit to these sectors.

On overall exports, Sharma expressed hope that shipments would at least total $165 billion this fiscal. "I do hope our exports this year should not be less than $165 billion against $185 billion in 2008-09," he said.

Exports that went into red from October 2008 onwards in the wake of global demand slowdown have started rebounding since November 2009

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