ECGC supported total exports at Rs 2,65,000 crores, 85% accounted for MSMEs
The Dollar Business Bureau During the 59th Annual General Meeting of Export Credit Guarantee Corporation (ECGC) chaired by the Commerce Secretary Rita Teaotia, it was noted that despite ECGC reducing the premium rates of exporters (in order to bring down the transaction costs of the exporters) by an average 17% under policies, ECGC recorded only a marginal decline in premium of less than 4%. ECGC has posted a profit before tax of Rs.407 crores, an increase of 5% over previous year. ECGC’s support of total exports at Rs.2,65,000 crores was around 15% of total merchandise exports in 2016-17. A significant aspect of ECGC’s performance was accounted for by MSMEs that took up 85% of its support. As on 31st March 2017, 12,029 covers ...
Reduction in insurance cost for exporters, ECGC
The Dollar Business Bureau In a much-needed relief to the exporters, the Export Credit Guarantee Corporation (ECGC) in its 60th year of operation has taken a customer friendly step by reducing the premium rate by an average of 17% for its whole turnover policy covers. This has reduced the transaction costs for short term business exporters from Rs.28.19 to Rs 25.46 per Rs 100 during FY 2016-17. The premier Export Credit Agency has also initiated several customer friendly steps to boost exports. In its press release on May 31st, the agency has listed out the initiatives taken during FY 2016-17. The agency has taken steps to make Export Factoring Scheme, cheaper for MSMEs. To give a fillip to the Medium & Long Term (MLT) ...
Commerce Department pushes for more sops for small exporters
The Dollar Business Bureau Striving to make the life of small exporters easier, the Department of Commerce is likely to push for greater interest subsidy and broader export credit insurance. As part of the review of Foreign Trade Policy (FTP) – 2015-2020, the Commerce Department is seeking to broaden the basket of services and to make it more attractive for foreign nationals to study and get medical treatment in the country. Nirmala Sitharaman, Commerce and Industry Minister, has marked two sections small exporters and services to be added in the review of the FTP, which is expected to be released in June, in time for the roll out of the Goods and Services Tax (GST). According to sources, Rs.1,000 crore has been ...
President stresses on better infrastructure and regulations to boost exports
The Dollar Business Bureau President Mukherjee stressed on, “appropriate policy interventions” to give a boost to slagging exports that have been affected by trade barriers imposed by some countries and a sluggish global demand. Stressing that sluggish global demand is a serious challenge in reviving exports, Mukherjee also underlined the need for improving competitiveness of domestic industry through better infrastructure and regulations."We today observe that several developed countries have consciously introduced special concessions and stimulus packages to manage the present downturn. We in India also need to ensure our exporters are adequately supported through appropriate policy interventions," he said here at the inauguration of Diamond Jubilee celebrations of the Export Credit Guarantee Corporation of India (ECGC).Since December 2014, exports fell for 18 straight ...
CIM to focus on boosting exports and SEZ revival
The Dollar Business Bureau To boost exports, which are declining since December 2014, the Ministry of Commerce and Industry will ask for export credit to qualify as the priority sector and want to emphasise on the special economic zones (SEZs) revival, as the Ministry found six areas to support the exports in goods. The discussion took place during the first meeting of reconstituted Board of Trade, a top advisory board on trade, re-formed as per the provisions of the Foreign Trade Policy (FTP) for 2015-20. In the meeting, chaired by Nirmala Sitharaman, Minister of State for Commerce and Industry, it has been decided to put greater emphasis on encouraging exports by small and medium enterprises (SMEs), involving embassies and missions to enhance ...
2.85 Admissibility of benefits on payment through insurance cover
(I) Payment through ECGC cover would count for benefits under FTP. (II ) Payment through General/ Private Insurance companies: Amount of Insurance Cover for transit loss by General Insurance and Private Approved Insurance Companies in India would be treated as payment realized for exports under various export promotion schemes. (a) An applicant realizing export proceeds through Insurance Agency will approach the concerned RA with the proof of payment issued by the concerned Insurance Agency. RA after satisfying itself of the bona fide of the claim, will obtain approval of Additional DGFT (EDI) and then will upload the value (in lieu of e BRC value) in EDI system of DGFT for processing of the case. (b) If the proof of payment ...
FIEO Knowledge Forum: Service providers key to enhance exports
Neha Dewan | @TheDollarBiz Steven Philip Warner, Editor-in-Chief, The Dollar Business, speaking at the FIEO Knowledge Forum. Other Panelists – Vikas Jain, President, Gurgaon Chamber of Commerce & Industry (Second from Left); Lakshmi N. Sahu, Export Credit Guarantee Corporation of India (Second from Right); and Sanchit Khanna, eBay India (Extreme right) The Dollar Business participated in the Knowledge Forum on “Enhancing Exports” conducted by the Federation of Indian Exporters Organisation (FIEO) on September 5, 2014 in Gurgaon to highlight the role of service providers in minimising transaction cost and making exports competitive in the international business environment. Vikas Jain, President of Gurgaon Chamber of Commerce and Industry (GCCI) started the session, outlining the importance of major export categories such as engineering ...
