Union Commerce Minister Piyush Goyal said that India will certainly close the year in excess of US $ 750 bn worth of exports, making another all-time historical record. He was speaking after inaugurating the ECGC Bhawan, the new corporate office of Export Credit Guarantee Corporation (ECGC) at Andheri, Mumbai.
He added,” Figures until February 2023 are already in excess of what we did in the whole of last year, and we will certainly close this year with well in excess of US $ 750 bn of exports, another all-time historical record.”
To have greater efficiency, improved performance and greater trust among exporters, the Minister said that the ECGC has to become more modern and digital in its operations.
“We have to leave our children in India which is completely corruption-free. We have to be unsparing against anyone who indulges in any irregular activities. If we want to make India a superpower, we have to decide that we want the New India to be with a high degree of integrity, a collective endeavour of the government, industry, bodies like ECGC, EXIM Bank and other stakeholders,” he added.
The ECGC was complimented by the minister for its innovative measures including the introduction of a policy where exporters with an export credit limit of Rs 20 crore are covered up to 90 per cent of their losses, which according to the minister used to be at 60 per cent earlier.
“All pending claims are now put out online transparently. As we inaugurate this truly world-class building, I would request the CMD ECGC to move the Rs 20 cr export limit to Rs 40 cr, so that sectors other than gem and jewellery and commodities sectors are covered under this expanded credit risk cover regime of 90 per cent for any potential risk or loss. In return, we want the industry to assure full honesty and integrity in claims and in the way we work with ECGC,” he added.
The ECGC was also urged by the Minister to see what more could be done to promote exports and to come up with new ideas so that the orgnisation can become an important stakeholder as India makes the journey to take exports to US $ 2 trillion by 2030.
