Exporters Seek Revival of Interest Equalisation Scheme

The Indian exporting community urges Finance Minister Nirmala Sitharaman to reinstate the Interest Equalisation Scheme, which ended on December 31. The scheme provided subsidized credit to exporters, helping them compete globally. Exporters highlight its importance amidst ongoing economic challenges and suggest extending it with immediate effect.

The Indian exporting community has rallied behind calls for Finance Minister Nirmala Sitharaman to reinstate the Interest Equalisation Scheme (IES) that ended last December. Exporters argue that the scheme, offering subsidized credit, is crucial in helping them combat global economic challenges.

According to Sanjay Budhia, Chairman of CII National Committee on EXIM, while Budget announcements aim to boost exports, the scheme's extension is necessary to maintain global competitiveness. The Federation of Indian Export Organisations echoed this, urging immediate implementation of IES with specific financial caps.

Government measures such as customs duty cuts, national manufacturing missions, and support for MSMEs have been applauded for their potential to enhance exports and job creation. The scheme's renewal, exporters suggest, would further unify efforts to bolster domestic goods on the global stage.

(With inputs from agencies.)