Boost for Micro Exporters: Interest Subvention Extended to Iron and Steel Products

The government has extended interest subvention to micro and small enterprises exporting specific iron and steel products, aiming to support them amidst global uncertainties. Medium-sized enterprises won't benefit. An export package includes a Rs 7,295-crore initiative, combining interest subvention and credit support, with export restrictions on certain Baryte grades.

In a significant move to bolster the trading community, the government has extended interest subvention benefits to micro and small enterprises involved in exporting 167 specific iron and steel product categories. This measure aims to provide relief amid ongoing global uncertainties.

Meanwhile, medium sector enterprises will not qualify for these financial benefits. Earlier, a substantial Rs 7,295-crore export support package was unveiled, comprising a Rs 5,181-crore interest subvention scheme and an additional Rs 2,114-crore in collateral support. These initiatives are set to unfold over six years, from 2025 to 2031.

Moreover, in response to the West Asia crisis, the government has imposed export restrictions on certain grades of Baryte, with specific categories requiring a license from the Directorate General of Foreign Trade.