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An argument could be made that if exporter were not able
to avail EFS they would approach banks as normal borrowers for working capital loans. This
may in fact be the case, which could explain the sharp increase in working capital finance
tot the textile sector. However, given the subsidized nature of EFS, anecdotal evidence
suggests that the increase in FY00 was also because of the rents that could be earned on
such borrowings.
