Commerce Ministry working with Fin Min to ease flow of credit to export sector

New Delhi, Nov 28 (KNN) The Commerce Ministry is working with the Finance Ministry to ease flow of credit to the export sector, said Suresh Prabhu, Commerce & Industry Minister.

Interacting with media on the sidelines of a logistics event organized by Federation of Indian Exporters Organization (FIEO), Prabhu said “One big challenge for the export sector is the issue of finance. We have taken it up with the Finance Ministry. Once we have more working capital, in the export field you see more benefits.”

FIEO President Ganesh Gupta has time and again demanded augmentation of credit flow to the export sector, as a sharp decline in credit would impact exports growth. 

Prabhu said that the Prime Minister was also aware of the problem and is ‘focused on the issue’.

During the event, FIEO announced a major initiative to improve logistics cost effectiveness and operational efficiencies for India’s global trade.

While making the announcement, Prabhu said “we are pleased to announce Logix India 2019 that will enable effective international trade logistics and help provide efficient and cost-effective flow of goods on which other commercial sectors depend upon."

Talking about logistics sector, Prabhu said that India is now one of the fastest growing economies of the world, and is seeking superior logistics linkages with nations all over the world.

The ministry along with FIEO is organizing 'Logix India' from January 31 to February 2, 2019 in New Delhi, where about 100-150 foreign buyers are expected to participate.