GJ Town India

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...

The Outlook is Stable! India Ratings and Research (Ind-Ra) has affirmed Export-Import Bank of India’s (EXIM) Long-Term Issuer Rating at ‘IND AAA’. The Outlook is Stable. The instrument-wise rating action is as follows: Support from GoI: The affirmation reflects Ind-Ra’s expectation of a high probability of continued timely support to EXIM from the government of India (GoI). EXIM, which is wholly owned by the GoI, acts as an agent of the GoI by extending lines of credit to various economies (mostly developing) as per the GoI’s directives. The GoI appoints EXIM’s board of directors according to the statutes of the Export-Import Bank of India Act, 1981, under which the latter was established. EXIM’s board has representation from the ministries of finance, commerce and industry, and external affairs. Bank’s Export Facilitation Role: EXIM’s policy objectives include facilitating export credit and developing export-generation capabilities among Indian companies, thereb...

Authorised capital of EXIM Bank to grow 100% Government approves the recapitalization of EXIM Bank of India The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the recapitalization of EXIM Bank. The details are, i: Issuance of Recapitalization Bonds by Government of India to the tune of Rs.6,000 crore for capital infusion in Export Import Bank of India (Exim Bank). ii: The equity will be infused in two tranches of Rs. 4,500 crore in FY 2018-19 and Rs.1,500 crore in FY 2019-20 respectively. iii: The Cabinet also approved an increase in the authorized capital of Exim Bank from Rs. 10,000 crore to Rs. 20,000 crore. The recapitalisation bonds will be on the lines issued to Public Sector Banks. Major Impact is being expected that the Exim Bank is the principal export credit agency for India.               The infusion of capital into Exim Bank will enable it to augment ca...

Cabinet approves MoU on Collaborative Research on  Distributed Ledger and Block Chain Technology in the context of  Development of digital economy by Exim Bank under  BRICS Interbank Cooperation Mechanism! The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) on Collaborative Research on in the context of Development of digital economy by Export-Import Bank of India (Exim Bank) with the participating member banks, under the BRICS Interbank Cooperation Mechanism namely Banco Nacional de DesenvolvimentoEconomico e Social (BNDES, of Brazil), China Development Bank (CDB), State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank, of Russia) and Development Bank of Southern Africa (DBSA).   Major Impact: Distributed Ledger/Block chain technology holds potential for solutions to various challenges being faced in the financial sector space ...