Cost of credit needs to be brought down: Anand Sharma

New Delhi, Jan 23 (ANI): Asserting that the industry needs investment, Union Commerce and Industry Minister Anand Sharma on Monday said that cost of credit needs to be brought down.

Replying to the query on the credit to exporters or investor during the Plenary Session of SAARC Business Summit Sharma said: "I am sure the Government will take a considered view. Industry needs investment. Cost of credit needs to be brought down."

Speaking on the occasion, Sharma said: "Today's world is integrated and interdependent. Partnerships are the defining theme of our times. Asia, today, is at the cusp of redefining it's, this decade will seet hree of the top five global economies coming from Asia, contributing to nearly a quarter of global GDP."

"After a gap of 12 years, India has assumed the Presidency of the SAARC Chamber of Commerce and Industry," he added.

Sharma said that SAARC has completed 26 years in December last year and we acknowledge that South Asia Free Trade Agreement (SAFTA) has made significant progress over the years, much more remains to be done.

"SAFTA had a vision of creating a common market where tariff and non-tariff barriers will be revised and we had expected that the peak tariff rates should be no more than five percent for most of the tradable commodities between member countries of SAARC", he added.

" In the Male Summit, India has reduced its Sensitive List for the Least Developed Countries of SAARC from 480 to 25 items and zero custom duty access for the SAARC LDCs. This regime now covers 99.7 percent of our total tariff lines and all items of export interest to LDCs are covered under this regime," he reflected.

Sharma further emphasized that, "we also need to develop new and imaginative credit mechanisms which expressly focus on supporting regional business models specially incentives could be provided which incentivize entrepreneurs for developing commercially-viable regional projects".

"Together we must work to improve our customs infrastructure and expedite the processing at the border posts. India is already strengthening the integrated check posts and land customs stations along all its borders providing modern clearing facilities to ensure easier movement of goods," he added. (ANI)