Timely and efficient availability of export credit is a key driver to boost export growth, according to Indian minister of commerce and industry and railways PiyushGoyal, who recently held a meeting in New Delhi on issues related to export credit with representatives of exporters organisations finance ministry officials and heads of financial institutions. The time has come when India should move away from subsidies to easy availability of cheaper credit to exporters, the minister said.
The share of export credit has come down in the last few years, which is a cause of concern, especially for the micro, small and medium enterprises (MSME) sector that suffers due to demand of collateral from lending institutions, an official press release quoted the minister as saying. Greater transparency has to be brought into the work being done by government organisations, export promotion councils and financial institutions, he added.
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