Government will soon launch this scheme for cheap loans
Government will soon launch this scheme for cheap loans

The government may soon announce a big plan to provide loans to exporters at affordable rates. Apart from this, in order to reduce the cost of exporters and provide loans to them at affordable rates, the budget was announced to introduce a bold scheme. At the same time, preparations for starting this scheme have been completed. On February 25, during a program of the industrial organization FICCI, Commerce and Industry Minister Piyush Goyal had indicated to start this scheme for exporters soon.

Apart from this, the new scheme will be a new Export Credit Insurance Scheme in bold form which will be implemented under Export Credit Guarantee Corporation (ECGC). Along with this, under the fearless, you will have to pay a lower premium on the insurance amount of your loan than before. Exporters are being given more cover than before. At the same time, under the insurance guarantee, 60 percent of the principal and interest of the loan from the bank for export is covered, which will be increased to 90 percent. Apart from this, according to exporters, this facility will reduce the risk of the lending banks. If the exporters do not get the money back from the buyer or the exporter taking the loan due to any other reasons, the bank will not be able to repay the loan 90 The amount can be refunded. Along with this, banks will not have any problem in reducing their interest rates.

Under the fearless scheme, the rate of foreign currency loans for exporters can be 4 percent and the rate of loans in domestic currency can be less than 8 percent. On the other hand, with the implementation of this scheme, the export capital of exporters will increase and their cost will be reduced by getting loans at a lower rate. Apart from this, simple procedures have also been provided for settling the claims under the bold scheme. At the same time, the Ministry of Commerce and Industry believes that to take the Indian economy to the level of five trillion dollars, exports will have to increase in every situation and for this the competitiveness of exports will have to increase. Exports have been declining for the last two months.

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