EXIM Bank extends lines of credits (LOC) on behalf of the government of India as assistance to developing countries under Indian Development and Economic Assistance Scheme (IDEAS) Scheme.
Union Finance Minister Smt. Nirmala Sitharaman on Thursday announced a ₹65,000-crore fertilizer subsidy for farmers as part of the stimulus package for boosting the present economy.
She said ₹65,000 crore is being supplemented to ensure sufficient availability and timely accessibility of fertilisers for the farmers in the upcoming crop season.
Growth of rural economy
In order to speed up the growth of rural economy, an additional outlay of ₹10,000 crore will be provided for PM Garib Kalyan Rozgar Yojana in the current financial year, she added.
Mrs. Sitharaman further has said that ₹3,000 crore will be released to EXIM Bank for promotion of ‘Project Exports’ through lines of credits.
Role of EXIM Bank
Export-Import Bank of India (EXIM Bank) is a specialized financial institution, wholly owned by Government of India, set up in 1982, for financing, facilitating and promoting foreign trade of India.
EXIM Bank extends lines of credits (LOC) on behalf of the government of India as assistance to developing countries under Indian Development and Economic Assistance Scheme (IDEAS) Scheme.
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