India mulls providing easy credit to developing nations: Nirmala Sitharaman

New Delhi: India is considering providing easy credit facilities to developing countries, particularly in Africa, Commerce Minister Nirmala Sitharaman has said.

The Minister has also asked the African countries to leverage 'Duty Free Tariff Preferences' (DFTP) offered by India.

Highlighting that under DFTP scheme India provides duty-free market access on over 95 per cent of tariff lines to least developed countries, Sitharaman said businesses in India and Africa could leverage the benefits offered by the DFTP while exploring each other's markets.

Not many countries have offered such overarching reduction in tariffs for least developed countries (LDCs), including those in Africa, the Minister said at a seminar organised by EXIM Bank on Tuesday.

She advised financial institutions and think tanks in Africa and India to popularise the advantages of DFTP scheme.

“The Government is looking at the feasibility of providing cost-effective credit facilities to build capacities in other developing nations, particularly in Africa," the minister said.

She pointed out that India has been encouraging services cooperation with African nations. “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 Africa’s skill development and healthcare delivery," she said.

Besides, Suzlon Group Chairman Tulsi Tanti said India is willing to share its technologies and skills with African nations in solar, wind and biomass development.