Government May Extend Interest Equalisation Scheme

The government may soon extend the interest equalisation scheme, which lapsed on March 31, to shore up the export sector impacted by the Covid-19 pandemic, an official said.

Under the scheme, exporters get 3-5 percent subsidy on loans for specified items. It was announced in April 2015 for five years.

Addressing a webinar organised by industry body Ficci, Director General of Foreign Trade Amit Yadav said, “In the weeks ahead, you would be hearing a good news with regard to the extension of interest equalisation scheme.”

“We are ensuring that exports come back on the track. The export data for March is an indicator; the impact of the present crisis could be seen from the export data of March and that for April would also be similar,” a Ficci statement quoted Yadav as saying.

Hesaid the government has been holding regular interactions with the stakeholders in these difficult time, which was “never imagined”.