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High interest rates big deterrent for MSMEs, govt working on plan
Hindustan Times Rajasthan
|December 19, 2024
The country's high interest rates are a big deterrent for the exporters community and the commerce ministry is working with its finance counterpart to help them at this front, a senior government official said on Wednesday.
NEW DELHI:
Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said that the department of commerce has been "struggling" to convince the finance ministry regarding the relevance of the Interest Equalisation Scheme (IES) and the extent to which it is maintaining manufacturing competitiveness.
Sarangi said there are many studies which suggest that very high collateral demand by financial institutions is a big deterrent for MSMEs (micro, small, and medium enterprises) to access institutional finance and that deters them from getting into the export market.
This story is from the December 19, 2024 edition of Hindustan Times Rajasthan.
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