Intro: MoS Bhagwat Karad assures all support from banks at the ‘Banking Conclave on Exports’ organised by Union Bank of India
Dr. Bhagwat Karad, Union Minister of State for Finance, has expressed confidence that with businesses expanding, India’s exports are approaching a new milestone.
Speaking at the ‘Banking Conclave for Exports,’ jointly organised by the Union Bank of India and the Federation of Indian Export Organizations, Dr. Karad said, “Our economy is rebounding and this is the right time to talk about increasing exports. The export-oriented policies of the government have created the right eco-system for export-led growth.”
Karad stated that merchandise exports in the first eight months of the current fiscal year touched $ 233 billion, representing a 54% year-on-year increase. The Production-linked Incentive (PLI) scheme is helping to boost manufacturing and promote exports. The RBI has increased the limit for classifying export credit as priority sector lending to Rs 400 million from Rs 250 million.
Due to demand from industrialists, the government has extended the Rs 4.5 trillion Emergency Credit Line Guarantee Scheme (ECLGS) until March 31, 2022, to assist businesses in dealing with the pandemic’s negative effects. Various banks have sanctioned Rs 2.9 trillion of this fund.
CEO & MD of Union Bank of India and IBA Chairman Atul Kumar Goel, CEO & MD of Canara Bank LV Prabhakar, CEO & MD of Bank of Baroda Sanjiv Chadha, CMD, ECGC, Senthilnathan and Head of RBI’s foreign exchange department, RS Amar, and about 150 exporters from the MSME and non-MSME sectors were in attendance at the event.
