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Currently, only micro, small and medium enterprises (MSMEs) benefit from incentives under the Interest Equalisation Scheme. However, these benefits are capped at Rs 50 lakh against Rs 10 crore earlier. Most of the goods they make are labour intensive.
Otherwise, the benefits for 410 products, called tariff lines in trade parlance, ended on December 31. “The number of products which get the interest equalisation benefits may be reduced overall and a greater emphasis could be given to value-added products,” said an official.
The budgetary allocation for the scheme was Rs 3,488 crore in FY22, Rs 3,118 crore in FY23 and Rs 2,932 crore in FY24. Finance minister Nirmala Sitharaman will announce her budget at the start of February.
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