Scheme For Export Credit To Be Announced Soon Says Piyush Goyal

The Union Minister of Commerce and Industry & Railways, Piyush Goyal, chaired a meeting of the Board of Trade (BoT) yesterday and held a day-long interaction with the Industry and Agriculture Ministers and officials of various States, industry representatives, Export Promotion Councils and officers of the economic and infrastructure Ministries of the Central Government for identifying and addressing issues aimed at boosting exports and improving competitiveness of domestic manufacturing. The Minister addressed the gathering and noted that significant progress has been made since the last Board of Trade meeting held on 6 June 2019, and an action taken report in the matter has been shared with stakeholders.

In the area of export credit, including forex credit, especially with regard to credit at affordable terms and in sufficient volume, Piyush Goyal informed that the contours of a scheme will be soon shared by the Government. In addition, he informed that ECGC procedures and practices are being revamped to make them more exporter friendly. He also assured that issues raised by States will be resolved expeditiously. The Commerce and Industry Minister also stressed the importance of cooperative and competitive federalism for faster growth and the need for transforming each district into an export hub to fulfil the vision of Prime Minister to make India a USD 5 trillion economy within the next five years. He emphasized the need to prioritize the area of addressing key issues related to imports, including unfair competition through dumping and subsidies, and import of sub-standard products due to lack of standards, while enabling smooth import of key inputs and raw materials.

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