30 June 2023, Mumbai
Commerce and Industry Minister, Piyush Goyal, emphasized the importance of increased and affordable credit for Micro, Small, and Medium Enterprises (MSMEs) engaged in exports.
Urges Banks to Provide Affordable Credit Boost
The objective is to bolster the country's outbound shipments and achieve the ambitious target of $1 trillion in merchandise exports. In a recent meeting attended by officials from 21 banks, including the State Bank of India, Bank of Baroda, and Punjab National Bank, Goyal discussed ways to enhance the availability of export credit to MSME exporters.
Stresses the need for enhanced credit to MSME
The Export Credit Guarantee Corporation Limited (ECGC) proposed modifications to provide adequate and affordable credit to a wider section of MSME exporters.
A nudge to ECGC
Goyal suggested extending the scheme to all banks to maximize the uptake of export credit. Bankers recommended adopting a claim processing method similar to the Credit Guarantee Fund Trust for Micro and Small Enterprises. Goyal advised ECGC to follow a similar pattern to compensate for any losses incurred by exporters.
CREDITS: economictimes
