Department of Financial Services (DFS) has informed that RBI is examining the priority sector lending norms for promoting export credit, Commerce and Industry Minister Piyush Goyal said.

Certain enabling guidelines are under consideration and when issued, those are expected to release additional Rs 35,000-68,000 crore export credit under priority sector, he said.

“DFS has informed that RBI is currently examining the priority sector lending norms for export credit and certain enabling guidelines are under consideration,” he said in a written reply to the Rajya Sabha.  He also said that as per data compiled by RBI, the balance outstanding for export credit by all scheduled commercial banks increased from Rs 1,85,591 crore as on March 31, 2015 to Rs 2,43,890 crore as at March-end 2018 before declining to Rs 2,26,363 crore as on March 31, 2019.

The government has taken various steps to increase the flow of credit to micro, small and medium enterprises’ (MSMEs) exporters. The measures include raising interest subsidy rate from 3 per cent to 5 per cent, among others. Replying to a separate question, he said the pendency for examination of patent applications has gone down by over 49 per cent from 2,04,177 in March 2017 to 1,03,928 in June, 2019. As many as 15,284 patents were granted in 2018-19, while 1,12,856 applications are pending in the patent office.

Published On : 12-07-2019

Source : Financial Express