The Indian government has announced two new credit-linked schemes under its Export Promotion Mission to boost the country’s exports.
The move is aimed at supporting small and medium enterprises (SMEs) and entrepreneurs, who are the backbone of India’s export ecosystem.
The government is offering a special credit facility to these companies, which will enable them to access loans at competitive interest rates and with easier repayment terms.
Key Features of the Schemes
The two new schemes are designed to cater to different segments of the export industry.
The first scheme is targeted at SMEs, which will provide them with a 5-year credit facility at an interest rate of 7.5%.
The second scheme is aimed at large exporters, offering them a 5-year credit facility at an interest rate of 6.5%.
Both schemes have a repayment tenor of up to 7 years.
The government has also announced that it will provide subsidies to exporters to help them offset the costs of compliance with international standards and regulations.
The move is expected to give a significant boost to India’s exports, which have been facing challenges due to global economic uncertainty and rising competition from other countries.
Exporters are optimistic about the new schemes and are expecting a significant increase in their business volumes in the coming months.
As the government continues to implement policies to support the export industry, India is likely to see a significant increase in its exports in the near future.