Port Wings News Network:
The extension of Interest Equalization benefit to merchant exporters will help in increasing country’s exports, said Mr Ganesh Kumar Gupta, President, FIEO.
Merchant exporters contribute to about 35% of country’s exports and high cost of credit equally blunts their competitive edge, observed FIEO Chief. The support to merchant exporter is most timely as interest rates are moving northward in the country and the 3% subsidy will reduce their cost of operation significantly. This will help the MSME sector as most of exports by the merchant exporters are in respect of products manufactured by MSME. Therefore, the benefit will give a push to manufacturing in MSME creating job opportunities as well, said Mr Gupta.