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Assocham asks Govt to ensure funds for marine exporters
Our Bureau
New Delhi
,
July 20
THE Associated Chambers of Commerce and Industry (Assocham) has asked the Government to include a provision of priority lending norms for marine exporters in the forthcoming trade policy for meeting the needs of the fishing industry.
"The Government should make it mandatory for scheduled commercial banks to fix a certain percentage of their total priority lending to marine exporters," the Chamber President, Mr M. K. Sanghi said in a representation submitted to the Commerce and Industry Minister, Mr Kamal Nath.
The domestic fishing industry is highly labour intensive and is facing a fund crunch to meet its capital requirements. The proposed move would help it grow and compete in the overseas market, Mr Sanghi was quoted as saying in an Assocham release here.
The industry used to avail itself of credit from co-operatives in the past, the chamber said, adding that apart from the state co-operative banks, the Government should also allow co-operatives to extend priority lending to the marine industry.
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