Chennai: Amid signs of global economic recovery, the Centre is for calibrated withdrawal of various stimulus packages as abrupt withdrawal will creat an adverse dent in the recovery of exports, said Union minister for commerce and industry, Anand Sharma on sidelines of the Federation of Indian Exporters Open house meet here recently.
As growth is yet to reach the pre-recession levels in the major economies of the world, the financial incentives and stimulus packages should continue till that time, he said.
Stating the nature of stimulus measures to be extended, Sharma said the recommendations will be made at the budgetary proposal meeting of the Cabinet for continuation of some measures like continuing interest subvention of 2 percentage points on export credit for manufactured items like textiles, readymade garments, leather products, engineering goods etc and dollar credit of London Interbank Offered Rate (Libor) +1% against existing the existing Libor +3.5%. To a question by FE on impending market access problem faced by Indian agriculture exporters in Chinese market, the union minister referred to newly unveiled market focus scheme comprising 39 countries that would redress any bilateral or multilateral trade grievances.
“There would be nearly 2,000 products that would receive fresh impetus under the recently released focus market scheme targeting 39 countries including 16 in Latin American region, 10 in Asian region, 2 in South America, 2 in Far-East, 1 in central Europe, 6 in Africa and countries like Australia and New Zealand”, he said.
Source : Financial Express