The Reserve Bank said in a notification, “The Government of India has approved the extension of the period of interest scheme on rupee export credit to be given before shipment of export goods and after shipment. This scheme will be applicable for three months i.e. till 30 September 2021 with the same size and base.
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It said that the scheme has been extended from July 1, 2021 to September 30, 2021. Welcoming the government’s decision, A Sakthivel, president of the Federation of Indian Export Organizations (FIEO), an apex body of exporters, said in a statement, “It will help the identified export sectors of the country to increase their competitiveness, capacity and competence in the international market. They will be able to increase exports.
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He thanked Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das for this. He also appealed to them to extend the interest subvention scheme for Micro, Small and Medium Enterprises (MSMEs). FIEO President said that the units of MSME sector are still facing the lack of credit for business at affordable rates.