Govt's mega plan to boost exports: Credit at lower rate for small biz soon

Interest rates will likely fall to 3.15% for export credit in dollar terms and 7.35% in rupee terms

The Union government is working on measures to arrest declining exports. For that, it plans to come up with an export financing scheme in the next couple of weeks, to offer lower interest rates in rupee and dollar terms as well as reduced premium cost for small businesses.

Under the Nirvik (Niryat Rin Vikas Yojana) scheme, the interest rates will likely fall to 3.15 per cent for export credit in dollar terms and 7.35 per cent in rupee terms, according to the proposal moved to the Cabinet. Currently, the interest rates are pegged at 3 to 6 per cent for credit