Chidambaram says favours cheap loans for exporters
Mumbai: The finance ministry is in talks with the Reserve Bank of India (RBI) to make bank loans cheaper for exporters, Finance Minister P Chidambaram said on Friday, a move that could help reduce wide current account deficit by boosting export income.
Exporters have been lobbying to be included in a category of priority lending that guarantees easier access to bank credit and lower interest rates, a privilege usually reserved for agriculture and small businesses.
India's has the world's third largest current account deficit, a major factor in a recent rout of the rupee currency. Exports account for some 25 percent of GDP.
More from India
More from World
More from Sports
More from Entertaiment
- Cortana for Android available for public beta in US
- Xiaomi Redmi 2 Vs Redmi 2 Prime: Specification comparisons
- Middle class woes to continue, wholesale onion price shoots up to Rs 57 per kg
- Alleged land encroachment in Greater Noida: HC asks DM to decide representation in 3 months
- Watch: Review of Mahindra TUV300