Exporters Raise Bank Credit Concerns at BoT Meeting

New Delhi, Sep 12 (PTI) The exporters will raise the issue of declining bank credit in the Board of Trade (BoT) meeting tomorrow in Mumbai, an industry official said on Thursday.

Headed by Commerce and Industry Minister Piyush Goyal, the board includes participants from various states, Union territories, and senior officials from the public and private sectors.

While exports grew by 15 per cent in the rupee terms between 2021-22 and 2023-24, the outstanding credit in March 2024 dropped by 5 per cent over the same month in 2022, according to exporters.

Apex exporters body Federation of Indian Export Organisation (FIEO) has said the export credit growth is not keeping pace with rising exports of the country.

Another issue related to export credit, which could be flagged in the meeting, is the Interest Equalisation Scheme, which expired on June 30 and was extended on a monthly basis till this month-end, the industry official said.

Exporters are demanding an extension of the scheme for five years.

On Wednesday, the export promotion councils held a meeting with the minister and officials where the stock-taking exercise of the export performance so far in this financial year was undertaken.

Exports during April-July this fiscal surged 4.15 per cent to USD 144.12 billion, and imports grew 7.57 per cent to USD 229.7 billion.

India is targeting USD 2 trillion worth of goods and services exports by 2030.