The Indian government has announced that for some labor-intensive industries, including textiles, clothing, and handicrafts, a 2% interest subsidy will be extended until March 2014.
Minister of Industry and Commerce Anand Sharma said that the interest subsidy plan announced on June 5 this year will be extended to March 31, 2014 to help companies under the plan.
Federal Textile Minister Sharma said that the decision to extend the interest subsidy program was due to the fact that the country’s overall exports fell 5.95% year-on-year to $189 billion in the first eight months of the fiscal year. The new measure will also help reduce the country’s trade deficit, which was US$129.5 billion in April-November this year.
Although the export of Western countries is sluggish, the minister praised the government's efforts to develop a diversified market, such as in Africa, South America and ASEAN.
He said that India will continue to maintain its presence in the United States and the European Union. At the same time, bilateral trade between India and ASEAN, Africa, and South America has reached 80 billion U.S. dollars, 65 billion U.S. dollars, and 30 billion U.S. dollars, respectively.
India’s exports of ready-made garments, carpets, and jute products also fell by 8%, 11%, and 14% during the April-November period.
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