Home / Knowledge / News / Textiles / Indian govt infuses ₹2k cr in Export Credit Guarantee Corp
Indian govt infuses ₹2k cr in Export Credit Guarantee Corp
28
Jun '18
Courtesy: Fancycrave.com from Pexels
Courtesy: Fancycrave.com from Pexels
The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has approved the capital infusion of ₹2000 crore for strengthening of Export Credit Guarantee Corporation (ECGC). The amount would be infused in the three financial years i.e. ₹50 crore in 2017-18, ₹1,450 crore in the year 2018-19 and ₹500 crore for 2019-20.

ECGC, a premier export credit agency of the Government of India, provides export credit insurance services to facilitate exports from the country. the ECGC offers credit insurance schemes to exporters to protect them against losses due to non-payment of export dues by overseas buyers due to political and/or commercial risks.

The ₹2,000 crore infusion would enhance insurance coverage to micro, small and medium enterprises (MSME) exports and strengthen India’s exports to emerging and challenging markets like Africa, CIS and Latin American countries, an official statement said.

With enhanced capital, ECGC’s underwriting capacity and risk to capital ratio will improve considerably. With a stronger underwriting capacity, ECGC will be in a better position to support Indian exporters to tap new and unexplored markets.

Further, increased capital infusion will help ECGC to diversify its product portfolio and provide cost effective credit insurance helping exporters to gain a stronger foothold in the difficult markets. Covers from ECGC will help in improving competitive position of Indian exporters in international markets.

ECGC covers exports to around 200 countries in the world, and more than 85 per cent of the customers benefited by ECGC’s covers are MSMEs, the statement said. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Respresentatives of over 30 Chinese companies in a meeting with officials of Kazakh Invest National Company; Courtesy: primeminister.kz

Textiles | On 17th Aug 2018

Kazakh-China cooperation in textiles explored in Astana

China and Kazakhstan have immense potential to cooperate in textiles...

Courtesy: Pexels

Textiles | On 17th Aug 2018

AWEX EMI closes at highest ever level of 2116ac clean/kg

The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI)...

Courtesy: VF Corporation

Apparel/Garments | On 17th Aug 2018

VF Corporation shifting global headquarters to Denver

VF Corporation, one of the largest apparel, footwear and accessories...

Interviews View All

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Top executives
Textile industry

It will take some time for the people to change their buying choices

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Mark Tokuhara

Japan-based FitJoy, a shoe brand for women, has been in the footwear...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Johan Berlin
Investkonsult Sweden AB

Investkonsult Sweden AB are consultants in the nonwoven and absorbent...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Mr Hartmann Huth
Trevira GmbH

Trevira GmbH is an innovative European manufacturer of high-value branded...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search