Government is considering more sops to labor intensive sectors like leather, textiles and engineering goods. These sectors were badly affected by the economic meltdown. Commerce and Industry Minister Mr. Anand Sharma said that he has spoken to Finance Minister Mr. Pranab Mukherjee regarding more incentives to certain export sectors which are still in the red. He further said that he has requested for continuation of subsidized export credit to sectors like leather and engineering goods for another year.
Though a 2 percent interest subsidy scheme is extended for another year in this Budget it does not extent to all sectors. Commerce and Industry Minister Anand Sharma is hopeful that more sops will be announced in near future to support certain sectors. Exports that went into red from October 2008 onwards following the slump in global demand have started rebounding since November 2009. But the growth is not substantial enough to withdraw the sops.
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