Govt allows service sector up to US$ 100 mn external borrowing
The government has revealed its decision to ease its external commercial borrowing (ECB) norm, enabling firms in the service sector – hospitals, hotels and software companies – to borrow up to US$ 100 million for import of capital goods. The decision comes as a big solace to the borrowers in service sector, who are not currently eligible to avail ECB under the automatic route. “It has been decided that henceforth borrowers in services sector, viz hotels, hospitals and software companies may avail ECB up to US$ 100 million for import of capital goods under the approval route,” said an official communiqu
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