India Leather Textile And Other Industries Loan Interest Rate Increased To 4%

According to the economic times, India's Economic Times reported that the export discount policy of the India government in July last year was expired to reduce the cost of export business and further promote the growth of export. The Ministry of commercial industry of India recently sent a letter to the cabinet, suggesting that the policy should be extended accordingly.

The Ministry of finance of India has expressed its willingness to consider extending the policy for 6 months, and will announce it in a form of announcement soon.

Since October 2006, the rupee has continued to appreciate against the US dollar, which has led to a sharp decline in India's exports.

In order to reduce the cost of printing exporters and alleviate the impact of the rupee appreciation on exports, the Indian government launched the exporter's discount policy for the first time in July last year, providing 2% loan discount for exporters and small and medium-sized exporters of textiles, garments, leather, handicrafts, engineering products, processed agricultural products, seafood, sporting goods and 9 industries.

In November 2007, the Indian government extended the discount policy to 13 industries. In addition to the 9 industries mentioned above, 4 industries including jute and carpet, cashew nuts, coffee and tea, dissolving and extracting deoiled pastry (solventextractionanddeoiledcake), plastic and linolenic acid were added to the 9 industries. Meanwhile, the loan discount rate of 4 industries, leather, handicrafts, seafood and textiles, was increased to 4%.