Raja M Shanmugham, President said Interest Equalization Scheme on Pre and Post shipment Rupee Export Credit in force from 1.4.2015 for Five years is expiring on 31st March 2020, and he further mentioned that Interest Equalization rate at 3 percent on Pre and Post shipment Rupee Export Credit was existing to all labour intensive categories of exporting units, including knitwear exports sector and subsequently, the rate was increased to 5 percent for MSMEs since 2.11.2018.
Raja M Shanmugham said as the scheme is expiring on 31st March 2020, he appealed to the Hon’ble Union Minister of Finance to advice RBI to extend the scheme for atleast another Three years for all categories of knitwear exporting units mainly to enhance the competitiveness of knitwear exports and also to have a level playing field in the global market.
He said a similar representation has also been sent to the Piyush Goyal, Commerce Minister, Smriti Zubin Irani, Textile Minister, Nitin Gadkari, MSME Minister, Dr. Anup Wadhawan IAS, Commerce Secretary, Ravi Capoor , IAS, Textile Secretary and Dr. Arun Kumar Panda IAS, MSME Secretary to do the needful.
