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India should aspire for a export target of One Trillion US Dollars each in Manufacturing and Service sector says Commerce Minister Piyush Goyal

India should aspire for a export target of one trillion US dollars each for manufactured goods and services and to achieve this target it is the joint responsibility of the government, financial institutions and the industry to ensure export credit is made available at competitive rates commerce minister Piyush Goyal said
We need to achieve a much higher level of export credit from the present level of 9.5 lakh crore. There is a need for a quantum jump if we want to achieve our export targets. In this regard, he asked RBI, ECGC, EXIM and SBI to explore regulatory reforms, innovative financial instruments and rationalizing credit disbursal procedures the minister said during the course of a detailed meeting with heads of financial institutions export and trade bodies
Mr.Goyal held a detailed meeting with Chairman and Managing Director SBI, MD Export Credit Guarantee Corporation, MD EXIM bank and other public sector, private and foreign banks along with FIEO and other export promotion councils and industry bodies for exploring ways and means for easier availability of credit to exporters at competitive rates. Ministers of State for Commerce Hardeep Puri and  SomParkash also participated in the deliberations.
The Minister stated that exporters should be able to take more and more export credit in foreign currency. Its share in total export credit should increase from the present level of about 50 per cent. RBI was also asked to explore the possibility of use of its foreign exchange reserves for providing a line of credit for swap to good banks for this purpose resulting in cheaper foreign currency loan. ECGC was asked to enable a credit guarantee cover for foreign currency lending to MSMEs. EXIM bank may provide refinance in foreign currency to the commercial banks to support exports credit particularly to MSMEs. ECGC should also extend export factoring for MSMEs.
Federation of Indian Export Organizations (FIEO) and other export promotion councils and industry bodies raised various issues including bank coverage charges, issues in exports to Iran, processing fee issues, collateral requirements and issues in loan disbursals. Many of the issues were immediately resolved with the intervention of the Commerce and Industry Minister.
He requested the financial institutions and the departments concerned to take note of the remaining issues and come up with solutions in a time bound manner. FIEO was asked to submit a report on simplification of export credit procedures in the next twenty days.
Commerce and Industry Minister also decided to have a follow up meeting on June 30, in Mumbai to review the progress on the action items identified in the meeting.
The meeting was attended by the representatives of the Department of Economic Affairs, Department of Financial Services, Commerce Secretary, AnupWadhawan, Secretary MSME, Dr. Arun Kumar Panda, Director General of Foreign Trade, AlokVardhanChaturvedi , 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, LaghuUdyogBharati, FICCI and CII.

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