Subsidised credit for merchant exporters will boost textile shipments, says Texprocil

Posted by Daily Shipping Times on 07-01-2019        Tweet

MUMBAI : Textile exports have received a major boost with the Government including merchant exporters under the interest equalisation scheme for pre-and post-shipment rupee export credit.

The Cabinet Committee on Economic Affairs recently approved the proposal by Department of Commerce for extending the facility, which was available only to textile manufacturers and exporters.

However, till recently the scheme was available only to the manufacturer-exporters and not to the merchant exporters. Dr KV Srinivasan, Chairman, Cotton Textiles Export Promotion Council, said MSMEs constitute a significant part of the textiles sector and play a crucial role in exports.

However, they do not have the expertise and resources to advertise their products in the export markets unlike the large manufacturers, he said. They, therefore, depend on the merchant exporters to export their products.