SME Times News Bureau | 13 Dec, 2019
Union Minister Hardeep Singh Puri has said the government
is framing a new scheme for improving bank credit to exporters. Puri was
speaking at an industry event organised by EEPC India, in New Delhi on Tuesday.
"We are framing a new scheme to be known as 'Nirvik' to provide higher
insurance coverage to banks on their export credit through ECGC (Export Credit
Guarantee Corporation of India)," Puri was quoted as saying in a
statement.
"The ECGC is expanding the export credit insurance cover for the working
capital loans and moderation in premium incidence for exporters to enable lower
interest rates for export credit," he said.
The Minister said the Commerce Ministry had formulated a strategy for resolving
specific problems faced by exporters after wide-ranging consultations with
them. "In essence, we are trying to provide whatever support you, as
exporters, need from the government," he said.
Puri said efforts were being made to increase India's exports to emerging
markets of Africa, Latin America through preferential or free trade agreements
(FTAs).
He also exhorted engineering exporters, under the aegis of EEPC India, to more
than double their shipments in five years to $150-200 billion.