GJ Town India

NEIA to provide adequate credit insurance cover The Central Government has an undertaking known as ECGC Limited under the control of Department of Commerce, Ministry of Commerce & Industry, to support the Indian exporters and bankers by providing cost-effective insurance and trade related services against the risk of non-realisation of export proceeds. Additionally, the Government has set up the National Export Insurance Account (NEIA) operated by ECGC to provide adequate credit insurance cover to protect long and medium term exporters against both, political and commercial risks of the overseas country and the buyer or & bank concerned. The NEIA trust also provides covers to banks for Buyer’s Credit transactions, which facilitates foreign buyer to pay for project exports from India. ECGC provides the following services:           i. Credit insurance schemes (popularly known as ‘Policies’) to exporters to protect them against losses due to non-payment of e

Timely Availability of Export Credit is Key to India’s Export Growth: Piyush Goyal Union Minister of Commerce and Industry & Railways, Piyush Goyal, is holding a meeting in New Delhi on issues related to export credit with representatives of exporters’ organisations like FIEO, Gem and Jewellery Export Promotion Council (GJEPC), representatives of exporters’ organizations, Finance Ministry officials and heads of financial institutions. Ministers of State for Commerce and Industry, Hardeep Singh Puri and Som Parkash, Commerce Secretary, Anup Wadhawan, Secretary MSME, Dr. Arun Kumar Panda, Director General of Foreign Trade, Alok Vardhan Chaturvedi and senior officials of the Department of Commerce are also attending the daylong meeting. Timely and efficient availability of export credit is critical for any trade activity and is one of the key drivers that boost growth of export. This was stated by Commerce Minister in his opening address. The time has come when we s

20K distinct exporters Benefitted in FY 2017-18 Government of India has approved capital infusion of Rs. 2,000 Crore to be released during FY 2017-18 to FY2019-20. So far, the capital is released during the FY 2017-18 was of Rs50Crores; FY 2018-19 released of Rs500Crores and now during the FY 2019-20, the proposal to release the rest amount of Rs1450Crores has been submitted and same shall be decided by the Ministry of Finance as per the availability of the fund. The capital infusion is necessary to strengthen ECGC underwriting capabilities to support MSME exports and exports to challenging & emerging markets like Africa, CIS and Latin American countries. During FY 2017-18, ECGC supported exports & export loans of Rs. 6.41 lakh crore. Around 20,000 distinct exporters are benefitted out of ECGC covers. Out of this, MSME share was more than 85%. The enhanced capital will enable ECGC to diversify its portfolio like factoring facilities to MSME exporters and a m