Commerce Minister Piyush Goyal on Thursday said the soon to be issued norms on foreign exchange export credits to exporters could be pegged below 4 per cent in order to boost exports.
Addressing the Board of Trade meeting here, which included many industry association representatives, Goyal expressed concern at the fall in export credit and said he had discussed the matter with the Reserve Bank of India (RBI) and Finance Minister Nirmala Sitharaman, as per an official statement.
"I am very concerned that export credits have fallen. I can assure you, very soon, we will come out with the contours of a vibrant programme to particularly support MSMEs and will more importantly make foreign exchange export credit available at very very competitive rates -- like at sub-4 per cent rates for forex credit," he said.
"All matters are on board. We will very soon come out with very robust guidelines. The RBI has been very supportive on this. The ECGC has come out with very practical solutions which will empower banks to lend more to the exports sector.
"The ECGC policy is also being revitalised and relooked at to make it more robust, to make it more comfortable for bankers to lend more and I am quite hoepful of the expansion of export credit in the days to come", he said.
"We are waiting for the Finance Minister to take a call on some of the issues that we have discussed. RBI was also very spontaneous to support us Commerce Ministry in the availability of export credit. Now, very shortly, we will be coming out with the contours of the discussions that have been finalised between RBI, Finance and Commerce Ministries," he added.
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