The India Export Initiative and IndiaXports 2021 Portal was launched on September 29 by Union Minister for MSME Narayan Rane. The inauguration was done virtually in Delhi in the presence of MoS Bhanu Pratap Singh Verma and other senior officers of the ministry.
MSME exports are going to play a role of a catalyst in restoring the strength of the Indian economy. With more than 63 million MSMEs spread across the geographical expanse of India, MSMEs have been contributing nearly 40 percent of overall India’s exports, contributing to approximately 6.11 percent of the country’s manufacturing GDP and 24.63 percent of the GDP from the services sector,” said MSME MoS Bhanu Pratap Singh Verma.
Importantly, the Commerce Ministry on Wednesday had approved a capital infusion of Rs 4,400 crore into the state-owned ECGC (earlier known as Export Credit Guarantee Corporation of India) over the FY22 to FY26 period among measures to boost exports. ECGC is an export promotion organization for boosting export competitiveness through credit insurance covers against non-payment risks by the overseas buyers due to commercial and political reasons.
ECGC also provides insurance covers to banks against risks in export credit lending to the exporter borrowers. “The approved amount will be infused in installments thereby increasing the capacity to underwrite risks up to Rs 88,000 crore and this will enable ECGC to issue covers that can support additional exports of Rs 5.28 lakh crore over the five-year period in line with the existing pattern,” the ministry said in its statement.