Union Cabinet Allocates Rs 2,500 Crore for Extended Interest Equalisation Scheme
The Union Cabinet, led by Prime Minister Narendra Modi, has sanctioned an additional Rs 2,500 crore for the Interest Equalisation Scheme. The scheme is extended until June 30, 2024, aiming to support exporters from specific sectors and all MSME manufacturer exporters.
Q: What is the recent decision by the Union Cabinet?
A: The Union Cabinet approved an additional Rs 2,500 crore for the Interest Equalisation Scheme, benefiting exporters and MSMEs until June 2024.
Q: What are the interest equalisation rates under the scheme?
A: Manufacturer and Merchant Exporters receive a 2% interest equalisation, while MSME Exporters enjoy a 3% rate.
Q: How is the scheme implemented and monitored?
A: The RBI implements it through banks, with joint monitoring by DGFT and RBI.
Q: What’s the impact on export growth and employment?
A: IIM Kashipur’s study indicates a positive impact on export growth, especially beneficial for labor-intensive sectors and MSMEs, contributing to employment generation.
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