Interest subvention scheme for exporters to be announced soon - Sitharaman

New Delhi, July 17 (KNN) Keeping in view the continuous decline in exports over last seven months, Commerce and Industry Minister Nirmala Sitharaman today said the interest subvention scheme for the exporters will be announced soon.
"The interest subvention scheme is to be announced soon, which will give encouragement to sectors that have high potential," Sitharaman said here at a function.

She said that exports are largely suffering because international demand is not picking up and currencies, particularly euro, are depreciating.

"So, the triggers for improving the export performance are not really happening," she said, adding that the ministry is discussing the matter with industry groups to find ways to push exports and explore new markets.

Industry bodies have been demanding since long for the interest subvention scheme to help increase export. Under the interest subvention scheme, exporters get loans at affordable rates. Loans at subsidised rates will help exporters boost shipments as the country's exports were in the negative zone during the past seven months.

The interest subvention scheme of 3 percent ended on March 31 last year.

For the seventh month in a row, India's exports fell 15.82 percent in June to USD 22.28 billion. (KNN Bureau)