Declining Export Credit: Piyush Goyal's Meeting to Discuss Challenges for Exporters
Sunday, 8 September 2024, 04:49
Impact of Declining Export Credit on Exporters
The declining bank credit to exporters is alarming as it threatens the growth of the sector. Traders are on high alert regarding this issue, especially ahead of a crucial meeting with Commerce and Industry Minister Piyush Goyal on Sept. 11.
Current Export Landscape
Despite a 15% growth in exports in rupee terms from 2021-22 to 2023-24, the concerning data shows a 5% decline in outstanding credit as of March 2024 compared to March 2022. This discrepancy highlights the urgent need to address these financial challenges.
- The apex body, Federation of Indian Export Organisation, is raising alarms about export credit growth.
- This growth is failing to align with the rising export rates in the country.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.