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A parliamentary panel has suggested that interest rates should be brought down to help exporters which are facing problems in global markets. The Department Related Parliamentary Standing Committee on Commerce has appreciated the various products offered by banks to facilitate a robust export credit framework “but it also strongly feels that the rate of interest on such credit may be brought down.”
It also said that the banks must ensure regular exporters meet and have tie-up with various credit information bureaus to obtain information on the overseas parties for the benefit of export business customers. The committee said that Export-Import Bank of India should reach hinterland areas so that export infrastructure may be created giving a boost to exports from those areas.
To reduce transactions cost, it said there are lots of difficulties for completion of paperwork by traders at the Land Customs Station. The local traders still lag behind in their marketing capabilities, it said adding “proper training and guidance in these areas need to be given to the traders”.
It said the infrastructure built for export purposes at the trading points needs a lot of improvement in terms of the structure, purpose and the same must be built by “reputed agencies or firms” in order to provide world class facility. “The committee is of considered view that on the lines of imported products, a system may be devised for export products too where the excise authorities after verifying the product for export may issue ‘goods checked and sealed certificate’ which may be deemed adequate to cover compliance for all the 17 Acts and Rules,” it added.
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