Union Cabinet announces, ECGC Investment of Rs 4,400 cr over 5 years
29th September 2021, Mumbai:
The government has given nod to today the capital infusion of Rs 4,400 crore to ECGC through five years. The Central government has additionally indicated to have approved the listing of state-owned Export Credit Guarantee Corporation (ECGC) through IPO on the stock exchange.
The underlying logic for going public clearly is to unlock the true value of the company, promote 'people's ownership' thereby create envy for public participation nudging retail investors to look at this financial asset class more sanguinely thus fuel Corporate Governance & accountability.
The Cabinet Committee on Economic Affairs was chaired by Prime Minister Narendra Modi which mandated the listing of Export Credit Guarantee Corporation (ECGC).
It is imperative to state that 'ECGC Limited' is a wholly-owned CPSE of the Government of India to improve the competitiveness of the MSMEs, SMBs, and technology to support the exports out of this sector which is the backbone of Indian exports providing Credit Risk Insurance and related services.
ECGC core motive thus is to hike its maximum liabilities to Rs 2.03 lakh crore from Rs 1 lakh crore by 2025-26 as a stated objective.
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