The commerce ministry wants the stimulus packages for exporters to continue for some more time till the sector recovers completely.
"We have urged the finance ministry that incentive schemes relating to commerce and industry be carried on for a slightly longer period," minister of state for commerce and industry Jyotiraditya Scindia said on the sidelines of a seminar in Kolkata on Tuesday.
Asked how long he would like the stimulus package to be extended to exporters, Scindia said, "We haven't defined that as yet, but we have said it needs to be in place. I would like to see the stimulus packages in place until there is complete recovery.
"Specifically, we have looked at three-four areas in terms of getting cheaper dollar credit for exporters like one per cent above Libor against the present 3-4 per cent, extending the export-oriented units' benefits and interest subvention. It is our fervent hope that the finance ministry will accede to our request," he said.
About the tea and spices sectors, Scindia emphasised that proper branding is necessary in both these sectors, as such steps would help these sectors reach new markets.
He further informed that a core group has been formed with tea producers like Tata Tetley and Hindustan Unilever, which are advising the ministry on its plans for branding.
About 961-million kg tea are produced in the country out of which only 186 million kg are exported.
Meanwhile, Scindia also said a report on cost reduction will be released in six months that will aim to simplify procedures and hurdles for exporters.
Image: Jyotiraditya Scindia
