Exporters to Address Declining Bank Credit in Upcoming Board of Trade Meeting

The issue of declining bank credit will be raised by exporters at the Board of Trade (BoT) meeting in Mumbai. The meeting, headed by Commerce and Industry Minister Piyush Goyal, will also discuss the Interest Equalisation Scheme and the performance of exports and imports in the current fiscal year.

Exporters will bring up the pressing issue of declining bank credit at the Board of Trade (BoT) meeting scheduled for tomorrow in Mumbai, according to an industry official.

Commerce and Industry Minister Piyush Goyal will chair the meeting, which includes various state representatives, Union territories, and senior officials from both the public and private sectors.

While export figures show a growth of 15 percent in rupee terms between 2021-22 and 2023-24, outstanding credit in March 2024 plummeted by 5 percent compared to the same month in 2022, exporters reported.

The Federation of Indian Export Organisation (FIEO) highlighted that the growth in export credit isn't matching the rising export figures. Additionally, the Interest Equalisation Scheme that expired on June 30 has only been extended on a monthly basis, prompting demands for a five-year extension.

On Wednesday, the export promotion councils conducted a review meeting with the minister and officials to assess the current fiscal year's export performance. Exports between April and July surged by 4.15 percent to USD 144.12 billion, while imports increased by 7.57 percent to USD 229.7 billion. India aims to achieve USD 2 trillion in goods and services exports by 2030.

(With inputs from agencies.)