ENA Sectors 2018-11-03 06:10:59 <p><strong>New Delhi, Nov 3 (KNN)</strong> Hailing the announcement made by the Prime Minister Narendra Modi on increasing the Interest Equalization from 3% to 5%, Ganesh Kumar Gupta, President, FIEO said that this is very timely move and will help the exporters to get credit at competitive rates close to international benchmark.</p> <p> Coming at a time when interest rates are moving northwards, the deeper support of 5% would provide much needed relief to MSME exporters who were burdened by increasing cost of credit, he said.</p> <p>He added, this move shows that government is very keen to lend a helping hand to MSME to boost exports and create jobs in the country.</p> <p>Gupta also said that banks should move proactively to increase the flow of credit as there is about 50% drop in export credit in August, 2018 as compared to August, 2017.</p> <p>The outstanding export credit in August, 2017 was Rs 415 billion which dropped to Rs 205 billion in August, 2018, he said.</p> <p>He appreciated the move to have a meeting with the bankers so as to impress upon them the need for timely credit and expeditious renewal of limits.</p> 21223 https://knnindia.co.in/news/newsdetails/sectors/increase-in-interest-equalization-from-3-to-5-to-provide-competitiveness-and-level-playing-field-to-msme-exporters-fieo 2018-11-03 06:10:59 knnindia.co.in