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Timely Availability of Export Credit

Timely Availability of Export Credit is Key to India’s Export Growth: Piyush Goyal

NEW DELHI.Union Minister of Commerce and Industry & Railways, Piyush Goyal, isholding a meeting in New Delhi today 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 Chaturvediand 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 boosts growth of export. This was stated by Commerce Minister in his opening address. The time has come when we should move away from subsidies to easy availability of cheaper credit to exporters, the Minister said.

Piyush Goyal informed that in the last few years the share of export credit has come down and this is a cause of concernspecially for the MSME sector that suffers due to demand of collateral from lending institutions.

The meeting is being attended by the representatives of the Ministry of Finance, Department of Economic Affairs, Department of Financial Services, officials from RBI, State Bank of India, Canara Bank, Punjab National Bank, HDFC Bank, Kotak Mahindra Bank, Axis Bank, Barclays Bank, Citi India, Bank of America,EXIM Bank, ECGC,Indian Banks’ Association,FIEO, EEPC, GJEPC, Laghu Udyog Bharati, FICCI and CII.(UPDATED ON JUNE 7TH, 2019)