India looking to provide easy credit to developing nations, particularly Africa

Commerce Minister Nirmala Sitharaman has said that India is looking at the feasibility for providing easy and cost effective credit facilities, in order to built capacities in the developing nations, particularly in Africa. On the other side, she has asked the African countries to leverage 'Duty Free Tariff Preferences' (DFTP) offered by India.

Under DFTP scheme India provides duty free market access on over 95 per cent of tariff lines to least developed countries. Sitharaman has said that businesses in India and Africa could leverage the benefits offered by the DFTP while exploring each other's markets. Moreover, She added that not many countries have offered such overarching reduction in tariffs for least developed countries (LDCs), including those in Africa. 

Sitharaman has advised the financial institutions and think tank in Africa and India to popularize the advantages of the scheme. She pointed out that India has been encouraging services cooperation with African nations. she further said that 'Africa has the potential for development of Tourism, Healthcare, Hospitality and ICT sectors. The Government of India supported Pan-Africa E-Network has contributed significantly to the Africa's skill development and healthcare delivery'.