Home » Cabinet » Cabinet approves capital infusion in Export Credit Guarantee Corporation Ltd. 

Cabinet approves capital infusion in Export Credit Guarantee Corporation Ltd. 

The Cabinet Committee on Economic Affairs chaired by Prime Minister Shri Narendra Modi has approved the capital infusion of Rs.2000 crore for strengthening of  Export Credit Guarantee Corporation (ECGC).  The amount would be infused in the three financial years i.e. Rs.50 crore in 2017-18, Rs.1450 crore in the year 2018-19 and Rs.500 crore for 2019-20.

The infusion would enhance insurance coverage to MSME exports and strengthen India’s exports to emerging and challenging markets like Africa, CIS and Latin American countries.  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.  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 positon of India exporters in International markets.  More than 85% of customers benefitted by ECGC’s covers are MSMEs.  ECGC covers exports to around 200 countries in the world.

Background:

ECGC is a premier export credit agency of the Government of India to provide 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.

About Indianindustry Media

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

We are working tirelessly to develop West Bengal as a major trading and industrial center: PM

The PrimeMinister, Shri Narendra Modi today visited Haldia, West Bengal and dedicated to thenation the ...

Subrahmanyan appointed Chairman of National Safety Council

    Shri S. N. Subrahmanyan has been appointed Chairman of the National Safety Council ...

Commerce Secretary says the Budget 2021-22 will enhance India’s growth in manufacturing, trade and other sectors

Commerce Secretary, Ministry of Commerce and Industry, Dr Anup Wadhawan today said that the Budget ...

Decriminalisation of the Limited Liability Partnership (LLP) Act, 2008 proposed

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman proposed reforms for small companies ...

KVIC Distrubutes Charkha, Looms, Garment Machines to 2250 Artisans in West Bengal to Boost Local Employment

Khadi and Village Industries Commission (KVIC) rolled out a massive employment drive benefitting 2250 artisan ...

Economic Survey Strongly recommends increase in public health spending from 1% to 2.5-3% of GDP

The Economic Survey 2020-21 has strongly recommended an increase in public spending on healthcare services ...

Shri RadhashyamMahapatro is the new Chairman of NIPM, Utkal Chapter

Shri RadhashyamMahapatro, Director (HR) of NALCO, took over as the Chairman of the Utkal Chapter ...

Nomination of members to the National Startup Advisory Council

The Central Government has now decided to nominate the non-official members on the National Startup ...

Permit requirements waived for Transport Vehicles carrying Oxygen

In a crucial step forward, the  ministry of road transport and highways today issued order ...

The Fifteenth Finance Commission hold discussions with its Economic Advisory Council

The Fifteenth Finance Commission (XVFC) had an online meeting with its Advisory Council and other ...

WP2Social Auto Publish Powered By : XYZScripts.com