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 ...
India proactively boosting trade ties with Africa, Sitharaman
The Dollar Business Bureau Various steps have been taken by Government to enhance trade and commercial relations with African countries, the minister for Commerce and Industries told the Upper House. Replying to a question in the Upper House, Nirmala Sitharaman said bilateral trade between India and African countries are reviewed regularly, including through bilateral mechanisms like of Joint Trade Committee Meetings and Joint Commission Meetings. The 4th India-Africa Trade Ministers’ Meeting was organized in New Delhi on October 23, 2015. Negotiations to enter into Free Trade Agreement with the Common Market for Eastern and Southern Africa (COMESA), a Regional Economic Community in Africa, Preferential Trade Agreement with the South African Customs Union (SACU) and a Comprehensive Economic Co-operation Partnership Agreement (CECPA) with Mauritius ...
India-Africa trade to reach $117bn by 2020-21: Report
The Dollar Business Bureau India’s trade with African nations is expected to reach $117 billion by 2020-21 in the wake of improved economic relations and strong business opportunities, as per a report. From $24 billion in 2015-16, India’s exports to the African countries are likely to touch $70 billion by 2021-22, on account of rising complementaries, said industry body PHD Chamber of Commerce and Industry (PHDCCI) in a report. Imports from the African continent are also likely to rise to $47 billion in the next five years from $27 billion in 2015-16, the report said. PHD Chamber President Gopal Jiwarajka said, “India has been able to intensify its presence in African countries through a significant line a credit worth $10 billion for development projects in Africa over a five-year period.” “With continuous expansion in trade, widening ...
EXIM to raise $3 billion from foreign markets in 2017-18
The Dollar Business Bureau David Rasquinha, MD, Export Import Bank of India, revealed that the premier export-promoting body aims to raise $2.5 billion – $3 billion from overseas markets in the current fiscal year. In 2016-17, EXIM had successfully raised an amount of over $2 million from foreign markets. Even if the deployment of these funds doesn't take place right away, it helps secure liquidity and enhances long term investment opportunities up to 20 years, the MD said. EXIM promotes Indian investment in Africa in the sectors of power, roads, railways, renewable energy, and agriculture. Of all its annual funding, about 50% goes towards countries in Africa. The export promotion agency supports long-term projects predominantly in SAARC, Africa, and the far east region. It sees potential for financial lending in the neighbouring countries of ...
India-Uganda bilateral ties yet to reach true potential: Ansari
PTI Vice President Hamid Ansari today termed business ties of India with Uganda "dynamic" and key to bilateral relations but said the trade between the countries is yet to reach its "true" potential. Ansari was speaking at the India-Uganda Business Forum where he met President Yoweri Museveni and Vice President Edward Kiwanuka Ssekandi and held bilateral talks with them."Our commercial and business ties with Uganda are dynamic and form a key pillar of our bilateral relations. It is a matter of satisfaction that India is one of the largest trade partners of Uganda but at $ 615 million, our bilateral trade is yet to reach its true potential," Ansari said.At the forum, Ssekandi pitched for greater investment from Indian companies in the ...
Indo-Africa strong ties need to be renewed
The Dollar Business Bureau Vice President Hamid Ansari on Sunday underscored India-Africa ties as "very strong" and said this relationship must be reiterated and renewed but not taken for granted. On his five-day visit to the African countries Rwanda and Uganda, the Vice President told reporters that the agenda of his tour was in line with the Indian government’s vision to bolster the country's overall engagement with Africa. India is expected to sign a few MoUs with its African counterparts, although the Indian government had made no confirmation in this regard. "India's ties with the African continent have always been very strong but friendship is something that needs to be reiterated and renewed. It's a plant that needs to be watered, and no friendship ...
Ghana, Cote d'Ivoire, Namibia seek Indian investment
The Dollar Business Bureau Urging India to tap the full potential of bilateral trade and economic relations, Ghana, Cote d'Ivoire and Namibia sought more Indian investments during President Pranab Mukherjee’s visit to these nations. Mukherjee, in turn, assured them that Indian public and private sector companies were enthusiastic about the opportunities in their respective countries too. He advised them to create a conducive environment for investment and start a dialogue with the Indian industry. The President concluded his six-day (June 12-18) visit to Ghana, Cote d’Ivoire and Namibia on Friday. His visits to Ghana and Cote d'Ivoire were the first by an Indian President, and his visit to Namibia was only the second. “These visits reflect the importance that India attaches to enhancing ...
India's ties with African countries 'good'
PTI Describing India's ties with African countries as "good", Vice President Hamid Ansari today said that India wants to engage with the region in various areas including IT, tele-medicine, and agriculture. Interacting with reporters on board his special aircraft en route to the Moroccan capital Rabat, Ansari said, "With Morocco we have substantive relationship due to one product phosphate - which is very important for us. Indian investment is also there in Morocco in this sector." He said Morocco has been helpful towards India at the international level. When asked about the sudden push towards Africa, Ansari said that focus on Africa was always there. He said there was focus on Africa since the time of President Abdul ...
