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A worker sleeps underneath an embroidery machine at a workshop in Mumbai, India, May 31, 2019. REUTERS/Francis Mascarenhas
NEW DELHI (Reuters) – India will relax rules for lending to priority sectors, its finance minister said on Saturday, forecasting the move could lead to banks providing up to an extra 680 billion rupees ($9.6 billion) of export credit to help revive a slowing economy.
Nirmala Sitharaman predicted the measures could lead to export credit rising by 360 billion to 680 billion rupees.
During a press conference in New Delhi, Sitharaman also detailed other steps, including improved insurance cover to banks that lend to exporters and the digitalization of certain services that she said would further bolster exports.
($1 = 71.0100 Indian rupees)
Reporting by Aftab Ahmed and Promit Mukherjee; Writing by Alexandra Ulmer; Editing by Mark Potter
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