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INDIA: Interest Subvention for Exports Extended for One More Year

Shri Pranab Mukherjee, Union Finance Minister, while presenting the Union Budget in Lok Sabha today, said that the government has proposed to extend the interest subvention of 2 per cent for one more year for exports covering handicrafts, carpets, handlooms and small and medium enterprises (SMEs).

Earlier, the government had provided interest subvention of 2 percent in pre-shipment export credit up to March 31, 2010 in certain sectors.

Shri Mukherjee said that the Special Economic Zones (SEZs) have attracted significant flows of domestic and foreign investments. In the first three quarters of 2009-10, exports from SEZs recorded a growth of 127 per cent over the corresponding period last year.

Government is committed to ensuring continued growth of SEZs to draw investments and boost exports and employment, Shri Mukherjee added.

Source: pib • News Courtesy: BharatTextile.com