Friday, May 24 2019 | Time 17:03 Hrs(IST)
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Business Economy


Bank credit issue of exporters yet to be resolved: FIEO President

Hyderabad, Dec 6 (UNI) Federation of Indian Export Organisation (FIEO) President, Mr Ganesh Kumar Gupta on Thursday said that the bank credit issue of exporters are yet to be resolved to achieve higher double growth in Exports.

In a statement, Gupta said PSU Banks officials including MDs, EDs, GMs, AGMs are not accessible to exporters particularly from the MSME sector. This has tightened the hands of these exporters to take orders.

As they are not able to discuss issues and challenges with regard to availability and cost of credit to the exports sector, he said Commerce Minister, Mr Suresh Prabhu, who is taking several steps to promote exports, would not fructify if banks would not lend to exporters smoothly and at affordable rates.

On one hand, the government is pushing digital India initiative and paperless transactions, these banks demand bundles of documents, collateral and other papers for considering their applications for smaller limit (Rs one to five crores) of loan, he pointed out.

It takes months and months to get these limits approved and in the meantime, we lose our orders, Gupta said that the issue needs urgent attention of the government.

The government should focus to register double digit growth rate in exports, includes -- enhancement of Duty Drawback rates; more products like fabrics should be included under MEIS; to promote exports of GI products, government should join hands with FIEO to set up big stores at airports also GST refunds at airports should start immediately.

These measures would help in reaching USD 350 billion exports and recording substantial growth rates, he added.
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FIEO congratulates PM on his resounding win in LS elections

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24 May 2019 | 3:14 PM

New Delhi, May 24 (UNI) Congratulating Prime Minister Narendra Modi on his win, Federation of Indian Export Organisations (FIEO) said on Friday that the charismatic and dynamic leadership of Mr Modi has not only given resounding victory but has created a strong mandate for his developmental and reform agenda.

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8 27 lakh new EPF subscribers joined in March

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Bullion Market Closing rates

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Spoton Logistics launches 'Air Express' cargo services

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