India To Soon Release Norms For Forex Credit To Exporters Amid Decline In Export Credit
Expressing concerns over fall in export credit, Commerce and Industry Minister Piyush Goyal on Thursday said the government will soon come out with guidelines on extending foreign exchange credit to exporters at affordable rates.
Disbursal of export credit declined 23 percent to Rs 9.57 lakh crore in 2018-19 from Rs 12.39 lakh crore in 2017-18.
"We are concerned that it (export credit) has fallen, and will come up with the contours of a vibrant programme (to address the issue) soon, which will particularly support the micro, small and medium enterprises," Goyal said while addressing the meeting of the Board of Trade in New Delhi.
The programme will make forex credit available to exporters at very competitive rates, Goyal said, adding that the rates were likely to be in the Sub-4 percent category.
The commerce ministry is waiting for Finance Minister Nirmala Sitharaman to take a call on some of the issues on export credit. The bankers are on board and "... we shall shortly be coming out with the contours that have been finalised between the Reserve Bank of India, the finance ministry and the commerce ministry," Goyal said.
The commerce ministry will also notify new anti-dumping rules later this month, he added.