![FOCUS NEEDED ON INTEREST SUBVENTION PLAN: FIEO CEO](https://cdn.magzter.com/1651053503/1715461290/articles/YWruLGWia1715464495257/FOCUS-NEEDED-ON-INTEREST-SUBVENTION-PLAN-FIEO-CEO.jpg)
Nivedita Mukherjee
Q: Why is the interest subvention scheme that FIEO has raised, so critical now as the Govt looks at a third term in office? A: As of now, the interest subvention scheme is valid till 30 June. Exporters who are now negotiating contracts, have to look into the supplies of the contract they have to deliver in the July to September period. There is some doubt in their minds as to what happens to the scheme post-June because if I have to take a position now for my shipments between July and September, I would want a little certainty about that. Hence from that perspective, we are asking the Government to look into the extension of the scheme.
We are also seeking steeper intervention from Government because when the interest subvention was announced, the rate was five per cent for MSMEs in manufacturing sector and 3 per cent for some of the 410 HS lines which the government thought was important to protect the sectors. The subvention rates were reduced from 5 per cent to 3 per cent, and from 3 per cent to 2 per cent respectively, in March 2022, due to drop in interest rates.
It is worthwhile to note that the Repo Rate in March 2022 was 4.4 per cent, which currently is 6.5 per cent. So general increase in the credit rate is 3 per cent plus. That is why we are saying that the interest subvention may be restored to 3 per cent for 410 tariff lines and 5 per cent for MSME manufacturers as export competitiveness as compared to that time has come down. The short point is that I am making a reasonable request and I want it to be addressed as early as possible.
Q: Is this important for you as part of Modi 3.0’s 100-day agenda?
This story is from the May 12, 2024 edition of The Business Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 12, 2024 edition of The Business Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
![Adequate number of IECS and awareness in every corner of the city is necessary for TB: Virender Yadav](https://reseuro.magzter.com/100x125/articles/26854/1735202/qGxwbfbiO1718581774822/ADEQUATE-NUMBER-OF-IECS-AND-AWARENESS-IN-EVERY-CORNER-OF-THE-CITY-IS-NECESSARY-FOR-TB-VIRENDER-YADAV.jpg)
Adequate number of IECS and awareness in every corner of the city is necessary for TB: Virender Yadav
Artemis Hospital, Gurugram, has unveiled the third phase of the \"It's a FIGHT-bACK\" program under its CSR initiative with the goal of eliminating tuberculosis (TB) in India.
'We will come again for the next 5 years': Ramdas Athawale
Reacting sharply to Mallikarjun Kharge's statement that the NDA government had been formed by mistake and PM Modi did not have the mandate, Union Minister Ramdas Athawale said they would come again for the next 5 years and accused the I.N.D.I. Alliance of spreading rumours like the Constitution would be changed.
![Maharashtra mountaineering body issues guidelines for trekkers in Sahyadri Ranges](https://reseuro.magzter.com/100x125/articles/26854/1735202/WgC6jDYk51718581640839/MAHARASHTRA-MOUNTAINEERING-BODY-ISSUES-GUIDELINES-FOR-TREKKERS-IN-SAHYADRI-RANGES.jpg)
Maharashtra mountaineering body issues guidelines for trekkers in Sahyadri Ranges
Trekkers venturing into the Sahyadri ranges during the monsoon are advised to always carry a walking stick, torch, and first aid kit.
![BJP charts course to revive fortunes in Maharashtra after electoral setback](https://reseuro.magzter.com/100x125/articles/26854/1735202/2tmXBuVVh1718581569584/BJP-CHARTS-COURSE-TO-REVIVE-FORTUNES-IN-MAHARASHTRA-AFTER-ELECTORAL-SETBACK.jpg)
BJP charts course to revive fortunes in Maharashtra after electoral setback
Reeling from a drastic reduction in its seat tally in Maharashtra, dropping from 23 in 2019 to just nine in the latest elections, the BJP has unveiled an ambitious plan to reconnect with voters through a comprehensive outreach campaign named \"Ghar Ghar Chalo Abhiyan\" (Let's go to every household campaign).
!['NDA GOVERNMENT AT CENTRE IS NOT STABLE, CAN FALL ANYTIME," SAYS SANJAY RAUT](https://reseuro.magzter.com/100x125/articles/26854/1735202/RgMnIZDpz1718581503426/NDA-GOVERNMENT-AT-CENTRE-IS-NOT-STABLE-CAN-FALL-ANYTIME-SAYS-SANJAY-RAUT.jpg)
'NDA GOVERNMENT AT CENTRE IS NOT STABLE, CAN FALL ANYTIME," SAYS SANJAY RAUT
Shiv Sena (UBT) leader Sanjay Raut on Sunday took a jibe at the government formed by the National Democratic Alliance (NDA) at the centre and said that it is not stable and can fall anytime.
![Baloch youth reportedly ₹Forcefully disappeared' again by Pakistani forces](https://reseuro.magzter.com/100x125/articles/26854/1735202/b2P3zxjeX1718581411066/BALOCH-YOUTH-REPORTEDLY-FORCEFULLY-DISAPPEARED-AGAIN-BY-PAKISTANI-FORCES.jpg)
Baloch youth reportedly ₹Forcefully disappeared' again by Pakistani forces
An eighteen-year-old A Baloch youth has been reportedly 'forcibly disappeared' for the second time from the Kech district of Balochistan on Friday, The Balochistan Post reported.
![Israel declares "Tactical Pause' for Gaza humanitarian aid](https://reseuro.magzter.com/100x125/articles/26854/1735202/_9Kax4na91718581281044/ISRAEL-DECLARES-TACTICAL-PAUSE-FOR-GAZA-HUMANITARIAN-AID.jpg)
Israel declares "Tactical Pause' for Gaza humanitarian aid
The Israeli military has Tannounced it will conduct a daily \"tactical pause of military activity\" in regions of the southern Gaza Strip to allow humanitarian aid to be delivered to Palestinians, The Times of Israel reported.
![Sindhi foundation protests in London](https://reseuro.magzter.com/100x125/articles/26854/1735202/oqjkkYHXS1718581199532/SINDHI-FOUNDATION-PROTESTS-IN-LONDON.jpg)
Sindhi foundation protests in London
Dissent against the case of the abduction of a minor Sindhi Hindu girl, Priya Kumari, who was abducted from Sindh province in Pakistan three years ago, resonated in London.
![Rupee depreciation vs. Dollar Minimal compared to other currencies:](https://reseuro.magzter.com/100x125/articles/26854/1735202/Jz5JSGylj1718581009511/RUPEE-DEPRECIATION-VS-DOLLAR-MINIMAL-COMPARED-TO-OTHER-CURRENCIES.jpg)
Rupee depreciation vs. Dollar Minimal compared to other currencies:
The Indian rupee experienced significant volatility in June, largely driven by the impact of elections, Foreign Portfolio Investor (FPI) outflows, and a rise in oil prices, which collectively strengthened the US dollar against the rupee, according to a report by Bank of Baroda.
![Auto, Banks, defence, and aviation sectors to stay positive in NDA 3.0](https://reseuro.magzter.com/100x125/articles/26854/1735202/TOdpdf18A1718580952303/AUTO-BANKS-DEFENCE-AND-AVIATION-SECTORS-TO-STAY-POSITIVE-IN-NDA-30.jpg)
Auto, Banks, defence, and aviation sectors to stay positive in NDA 3.0
India's economy is on a positive trajectory with a focus on infrastructure development driving growth, highlights a report \"India Strategy\" by Prabhudas Lilladher, a stock broking company.