Fin Min to lower cost of credit for SMEs

NEW DELHI, INDIA: Union minister of Commerce, Industry & Textiles, Anand Sharma, on Monday said that the Finance Ministry is in support of lowering cost of credit for the Indian industry, particularly for the small and medium enterprise (SME) sector.

"We have been of the considerate view in the Commerce and Industry Ministry that the rates for the industry for investment should be lower and that is something we have taken up to finance minister Pranab Mukherjee who has been receptive and positively responsive, particularly for the SMEs," Sharma said on the sidelines of the SAARC Business Summit centered around the theme of Building Bridges through Economic Co-operation, organised by the FICCI in New Delhi.

The trade minister added that cost of credit is also required to be brought down for exporters and investors. "I would only hope that the costs of credit to the industry comes down and our industry is in a position to be globally competitive." Sharma said further.