Govt readies interest subvention to arrest falling exports

Source: PTI

The government will announce an interest subvention scheme to help exporters who have been facing a fall in shipments due to weak global demand, Commerce and Industry Minister Nirmala Sitharaman said on Friday. “We will soon come out with an interest subvention scheme for exporters. Each category has its own problems. We are continuing our efforts to address the problems faced by exporters,” she told reporters in Coimbatore, replying to a specific question on declining exports. When asked about the timeframe, she said the scheme is awaiting Cabinet clearance. Stating that the government is conscious that exports have been declining for some months, she said “all of us have been constantly working on it”. To a question on plans to import pulses following an increase in pulse prices, she said the government is aware of it and “with prime minister's own supervision, we had looked at the situation developing in the pulse sector in the country”. “So, directly it is being monitored by the Prime Minister. A decision will be taken to make necessary import of such pulses which are desperately needed by households,” the minister said, who was in Coimbatore to inaugurate the School of Commerce of PSG College of Arts and Science. “In fact, some consignments have already arrived and some are in the process of arriving. With that, I expect the prices to fall and also sufficient supplies to be available in the market. However, the quantum of imports by category was not immediately known,” she added. “As a part of this import scheme, we were planning some barter package like exchange of sugar with some other commodities.”  

October 10, 2015 | 3:41pm IST.