September 14, 2019 / 10:26 AM / 3 months ago

India announces measures to boost exports as economy loses steam

Nirmala Sitharaman gestures as she leaves after attending the Cabinet Committee on Security (CCS) meeting at the prime minister's residence in New Delhi, February 26, 2019. REUTERS/Adnan Abidi/Files

NEW DELHI (Reuters) - India will relax rules for lending to priority sectors, Finance Minister Nirmala Sitharaman said on Saturday, forecasting the move could lead to banks providing up to an extra 680 billion rupees ($9.6 billion) of export credit to help revive a slowing economy.

Sitharaman predicted the measures could lead to export credit rising by 360 billion to 680 billion rupees.

During a press conference in New Delhi, Sitharaman also detailed other steps, including improved insurance cover to banks that lend to exporters and the digitalization of certain services that she said would further bolster exports.

Reporting by Aftab Ahmed and Promit Mukherjee; Writing by Alexandra Ulmer; Editing by Mark Potter

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below