Government Launches Interest Subsidy Scheme Under EPM for Export Credit

The government has introduced a new interest subvention scheme aimed at supporting exporters by easing financing costs on export credit under the Export Promotion Mission Framework, as per news reports. 

Scheme Coverage and Applicability 

The scheme, titled Niryat Prothsahan, covers both pre-shipment and post-shipment export credit. According to a notification issued on Monday by the Reserve Bank of India, lending institutions are required to extend the benefit of interest subvention on eligible export credit in line with the provisions laid out under the scheme. 

Instructions For Lending Institutions 

Lending institutions have been directed to ensure that interest subvention is extended strictly for export credit that falls within the scope of the scheme.  

The RBI notification stated, “In terms of the above instructions, eligible lending institutions shall extend the benefit of interest subvention to eligible exporters strictly in accordance with the provisions of the scheme, and subject to compliance with the extant regulatory instructions issued by the Reserve Bank,”.  

Institutions have also been instructed to submit claims as per procedures prescribed from time to time. 

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Conclusion 

The interest subvention scheme under the Export Promotion Mission sets out a framework for providing targeted credit support to eligible exporters through participating lending institutions. 

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