Interest subvention scheme soon to help boost exports: Sitharaman

Union Minister of State for Commerce and Industry Nirmala Sitharaman said that the Centre will come up with some interest subvention scheme to give reprieve to the constant decline in exports.

When asked if the Government is working on measures to address the decline, she said, “We are constantly working on it; we are conscious of the fact that exports have been on the slide for some months now. The reasons are very clear to say that global demand is not picking up.”

She added, “We are interacting with every sector to understand that if there are any interventions that each sector might want for themselves, so that the particular sector could have some relief.”

The Government is soon going to come up with some interest subvention scheme. We are trying to address it sector by sector, because each sector has its own specific and unique circumstance.

“This interest subvention is awaiting Cabinet clearance,” she said, when asked if it would be applicable to all sectors.

The Minister was in the city to inaugurate the School of Commerce at the PSG College of Arts and Science here.

On the rise in the price of pulses and government import plans, she said the situation is being directly monitored by the Prime Minister.

Early assessment shows that the acreage under pulses has gone up this season compared to the last, but we have to wait for the outcome, she added.

For immediate requirement though, a decision will be taken soon to make necessary import of pulses. Some consignments have already arrived. “With that, I expect the prices to fall and also sufficient supplies to be available in the market,” she added.

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