Commerce and Industry Minister Piyush Goyal said the ministry is in dialogue with banks to see ways to extend foreign currency loans to exporters. Addressing members of the CII here, he said there are ways to resolve the problem of inadequate and expensive credit without putting significant stress to the exchequer. He said providing subsidies is not a solution to any trade-related issues.
"I would like to articulate a possible alternate scenario to all to consider and see whether that is better. If instead of that (subsidies and interest subvention), we will work on foreign currency loans and I already have dialogues with bankers to see how we can expand foreign currency loans," he said. Goyal also said Export Credit Guarantee Corporation of India (ECGC) can play a role of credit enhancement agency for exporters.
Further, the minister said the government is taking steps to boost the growth of the economy with an aim to take it to USD 5 trillion in the next five years and USD 10 trillion in the coming years. "Once we cross the cusp of USD 5 trillion, my sense is that USD 20-25 trillion" will not be far to achieve, he added.