ANNOUNCEMENT 10 Jun 2015In June 2015, the government of India announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
Official Press Release
On 10 June 2015, the Indian Cabinet Committee on Economic Affairs approved additional support to the sugar mills in the form of loans with interest subvention. Loans to the extent of INR 6,000 crore(~USD 941 million) will be provided with a 1 year moratorium. Instead the interest burden of this first year worth INR 600 crore will be borne by the government.
In 2013, the sugar mills were provided with 5 years interest free loan to the extent of INR 6600 crore as well (see related measure).
*INR to USD conversion as on 3o June 2014 @ INR 63.76/USD.
The GTA includes state guarantees and other financial incentives thatare likely to affect the restructuring and performance of firms facinginternational competition, whether from imports, in export markets, andfrom foreign subsidiaries.