Raja M Shanmugham, President thanked Hon’ble Prime Minister of India and Hon’ble Union Minister of Finance Nirmala Sitharaman for the Government of India approval given for extension of Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit upto 31st March 2024 with retrospective effect from 1st October 2021.
Raja M Shanmugham said that as per revised rates 3 percent interest subsidy is given on Pre and Post Shipment Rupee Export Credit for Manufacturer MSMEs and 2 percent interest subsidy for Non-MSMEs Manufacturer and Merchant Exporter.
Raja M Shanmugham said the extension given up to 31st March 2024, as requested by the Association in all its representations, will be helpful to the Knitwear Exporters to work out their costing accordingly while taking up the orders.
He further pointed out that the interest subsidy will be helpful to enhance the competitiveness of the MSMEs, 95 percent of readymade garment exporting units are in MSME, a major requirement to sustain in the highly competitive global market.
He said that he has sent thanks letter to Hon’ble Prime Minister, Nirmala Sitharaman, Hon’ble Union Minister of Finance, Piyush Goyal, Hon’ble Union Minister of Textile and Commerce, T.V. Somanathan, Finance Secretary, BVR Subrahmanyam, Commerce Secretary and Upendra Prasad Singh, Textile Secretary.
