Finance Minister Announces Revised Priority Sector Lending Scheme for Exporters
Nirmala Sitharaman said the initiative is expected to cost Rs 1,700 crore annually and will enable reduction in overall cost of export credit including interest rates, especially to MSMEs.
File photo of Finance Minister Nirmala Sitharaman.
New Delhi: Finance Minister Nirmala Sitharaman on Saturday announced revised priority sector lending (PSL) norms for exporters which will release an additional funding of Rs 36,000 crore to Rs 68,000 crore to them.
PSL norms for export credit have been examined and enabling guidelines are under consideration of the Reserve Bank of India, she said.
"This will release an additional Rs 36,000 crore to Rs 68,000 crore as export credit under priority sector," Sitharaman told reporters here.
She also said export finance will be actively monitored by an inter-ministerial working group in the Department of Commerce. Also, Export Credit Guarantee Corporation (ECGC) will expand the scope of export credit insurance scheme.
The minister said the initiative is expected to cost Rs 1,700 crore annually and will enable reduction in overall cost of export credit including interest rates, especially to MSMEs.
She also announced that Free Trade Agreement (FTA) Utilisation Mission would be set to help exporters optimally utilise the concessional tariffs under trade pacts which India has signed with several countries.
Besides, annual mega shopping festivals will be organised in the country at four places focusing on sectors like handicraft, yoga, tourism, textiles and leather.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Recommended For You
- Just a Video of Elephant Taking a Stroll in Sri Lankan Hotel and Inspecting Things With its Trunk
- Goals! Cristiano Ronaldo 'Kissing' Paulo Dybala is Breaking the Internet
- Happy Birthday Sushant Singh Rajput: From Kai Po Che to Chhichhore, How Taking Risks Paid off for Him
- Bigg Boss 13: Himanshi Khurana Blames Shehnaz Gill For Her Break Up
- Rohit Sharma Hilariously Trolls Yuzvendra 'The Rock' Chahal With Viral Tattoo Meme