Chidambaram says favours cheap loans for exporters
MUMBAI (Reuters) - 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.
(Reporting by Mumbai Bureau; Writing by Krishna Das; Editing by Frank Jack Daniel)
- Tweet this
- Share this
- Digg this
- OPEC oil output hits highest since 2012 on Libya, Saudi-Reuters Survey
- With iPhone 6 approved in China, Apple suppliers ready for demand
- Energy, manufacturing to lead Modi, Obama talks
- Modi promises U.S. CEOs a return to market reforms
- Kurds seize Iraq/Syria border post; Sunni tribe joins fight against Islamic State
President Barack Obama and new Prime Minister Narendra Modi discussed trade issues, climate change and the fight against Islamic State militants during an Oval Office meeting on Tuesday, the two leaders told reporters after their meeting. Story | Full Coverage
China final HSBC PMI steady in September on stronger global demand but risks remain Full Article