Scheme for easier export credit to be announced soon: Piyush Goyal

A scheme to augment the availability of export credit — at affordable terms and in sufficient volume — will soon be unveiled, said Commerce and Industry Minister Piyush Goyal. This scheme will include forex credit.

The scheme, which aims to ease availability of export credit especially for small businesses, will likely lead to rates dropping to the sub-4 per cent category, said Goyal.

He also warned against getting bogged down in numbers that may demotivate exporters. He said there is needless speculation on the government’s target of growing the economy to the $5-trillion level.

“Do not get into calculations that you see on television... Oh if you are looking at the $5-trillion economy, the country will have to grow at 12 per cent. Today, it is growing at 6-7 per cent, do not get into that maths,” he said.

Goyal was speaking at the meeting of the Board of Trade, which advises the Centre on policy measures connected to the Foreign Trade Policy and finds ways to boost exports. It includes officials of various states, industry representatives, and export promotion councils. Easy accessibility of export credit for small exporters has been a key concern for small businesses. The government has, hence, zeroed in on specific measures for the same, to boost outbound trade.