TIL Desk/Business/New Delhi/ Commerce and Industry Minister Piyush Goyal has said the ministry is in dialogue with banks to see ways to extend foreign currency loans to exporters. Addressing members of the CII here, he said there are ways to resolve the problem of inadequate and expensive credit without putting a significant stress to the exchequer.
He said providing subsidies is not a solution to any trade-related issues. “I would like to articulate a possible alternate scenario to all to consider and see whether that is better. If instead of that (subsidies and interest subvention), we will work on foreign currency loans and I already have dialogues with bankers to see how we can expand foreign currency loans,” he said.
Goyal also said Export Credit Guarantee Corporation of India (ECGC) can play a role of credit enhancement agency for exporters. He has asked ECGC to come up with a robust policy on guarantee or insurance for traders and that would help bankers lend exporters at affordable rates.
