Govt cuts exporters’ subsidy by Rs 600 crore
The government has slashed allocations to its key export promotions and overseas market development programmes for 2008-09 by a huge Rs 600 crore, at a time when exporters are facing a rough weather on account of global slowdown and margin erosion due to rupee appreciation. The Budget for 2008-09 has cut export subsidy by Rs 300 crore while abolishing interest subsidy under the programme ‘Assistance for Export Promotion and Market Development’.