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    13-Sep-2021

    Work Together to Find Solutions for the Challenges that Engulfs the Financial Sector – Dr. Karad, Minister of State for Finance.

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  • Press Releases

    09-Sep-2021

    India Exim Bank forecasts India’s merchandise exports for Q2 of FY2022 to amount to US$ 98.45 bn, and non-oil exports to amount to US$ 85.63bn

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  • Press Releases

    09-Sep-2021

    India Exim Bank Hosts the BRICS Annual Financial Forum 2021

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  • Press Releases

    09-Sep-2021

    India Exim Bank Announces the Winner of the BRICS Annual Economic Research Award 2021

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  • Press Releases

    08-Sep-2021

    Ms. Harsha Bangari takes charge as Managing Director of India Exim Bank

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  • Press Releases

    07-Sep-2021

    India Exim Bank engages with Indian Pharma companies to promote exports from the country

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  • Press Releases

    02-Sep-2021

    Exim Bank Extends Line of Credit of USD 40 Million To The Government of Republic of Maldives

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  • Press Releases

    01-Sep-2021

    India Exim Bank extends US$ 100 mn loan to Africa Finance Corporation to spur post-covid recovery

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  • Press Releases

    27-Aug-2021

    Harnessing UP’s Untapped Potential Could Raise the State’s Merchandise Exports to nearly US$ 30 Billion: India Exim Bank Study

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  • Press Releases

    21-Aug-2021

    FM launches the Ubharte Sitaare Fund to support India’s Future Export Champions

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  • Press Releases

    21-Aug-2021

    Untapped Export Potential of US$ 227.4 million in Sports Goods: Exim Bank Study

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  • Press Releases

    13-Jul-2021

    India Exim Bank Study Suggests Setting up US$ 100 million Fund for Building Regional Healthcare Hubs Across Africa

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  • Press Releases

    11-Jul-2021

    India Exim Bank extends Buyer’s Credit facility of USD 35.26 million under National Export Insurance Account for power transmission project in Senegal

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  • Press Releases

    24-Jun-2021

    Export-Import Bank of India, on behalf of the Government of India, extends a line of credit [LOC] of USD 40 million to the Government of Togo

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  • Press Releases

    17-Jun-2021

    Exim Bank, on behalf of the Government of India, extends a line of credit [LOC] of USD 100 Million to the Government of the Socialist Republic of Sri Lanka

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  • Press Releases

    13-Jun-2021

    India Exim Bank forecasts India’s merchandise exports for Q1 of FY2022 to amount to US$ 87.2 bn, and non-oil exports to amount to US$ 78.26 bn, witnessing a robust positive growth

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  • Press Releases

    11-Jun-2021

    Export-Import Bank of India, on behalf of the Government of India, extends a line pf credit of USD 108.28 Millon to the Government of the Kingdom of Eswatini(Swaziland)

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  • Press Releases

    21-May-2021

    India Exim Bank’s PAT jumps more than 100% in FY 2020-21

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  • Press Releases

    19-Mar-2021

    India must return to a more liberal trade policy regime: Prof. Arvind Panagariya

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  • Press Releases

    13-Mar-2021

    India Exim Bank forecasts India’s merchandise exports for the fourth quarter of FY2021 to amount to US$ 78.6 bn, while India’s non-oil exports to amount to US$ 73.9 bn, witnessing a positive growth

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Work Together to Find Solutions for the Challenges that Engulfs the Financial Sector – Dr. Karad, Minister of State for Finance.

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Dr. Bhagwat KishanraoKarad, Hon’ble Minister of State for Finance, Government of India, while inaugurating the BRICS Financial Forum organized by Export-Import Bank of India (India Exim Bank) advised the participating development banks from BRICS nations to come together and work towards finding solutions to the challenges which engulfs the financial sector. Dr. Karad added that the cumulative experience of all the 5 institutions under the BRICS Interbank Cooperation Mechanism could be around 200 years - and this calls for utilising their age-old experience to find solutions to address the challenges - from climate change to facilitating trade and investments in a manner which promotes harmony and mutual growth, for the larger good of nations”.

Speaking on the theme of “Promoting Economic Growth and Prosperity through BRICS Financial Cooperation”Dr. Karadstated that the developmental narrative for each nation is different which shape their policy priorities and define the future course, but there remain intertwined challenges which cannot be delinked, and it is in this context that the theme for the BRICS Financial Forum is highly relevant especially amidst the ongoing pandemic globally.

“BRICS must use this chance to take a roadmap, leading to development-centredglobalisation. This will allow more inclusive socio-economic progress,” Karad said speaking at the annual BRICS Financial Forum.

While delivering the Special Address, the President of New Development Bank (NDB), Mr. Marcos Troyjo stated that there are plenty of opportunities for financial cooperation among BRICS development banks, and with the NDB. Mr. Troyjo added that NDB has approved financing for around 80 infrastructure and sustainable development projects in BRICS nations, totaling portfolio of about US$ 30 billion; Of which over US$ 9 billion of this financing has gone towards fighting the effects of Covid-19 across member countries. Mr. Troyjofurther added that the Board of Governors of NDB have approved the admission of United Arab Emirates, Uruguay and Bangladesh, as the first new member countries to join the NDB, in line with the strategy to be positioned as a premier institution for emerging economies.

Welcoming the delegates, Ms. Harsha Bangari, Managing Director, India Exim Bank highlighted the need for the BRICS economies to collaborate, especially amidstthe pandemic, to share and learn from the best practices and measures that respective national governments of BRICS countries, and member institutions of the ICM, are taking to re-boost and re-energize our economies out of this crisis.  “As member development banks of the BRICS nations, we must continue to collaborate, through emphasis on innovation and sharing of our expertise. While ideas are the first step towards transformation, collaboration among parties is imperative for effective action to take place” – Ms. Bangari said.

During India’s Chair of BRICS Forum, India Exim Bank brought out a compendium of research papers, titled “Enhancing BRICS Cooperation: Way Forward”, covering the potential for BRICS cooperation in the fields of trade, investment, and finance. 

The Bank also announced and presented India Exim Bank’s BRICS Economic Research Annual Award 2021. Dr. Rahul Singh, who was declared as the winner of the Award for his doctoral thesis titled “Essays in International Trade in Post Liberalization India”, was felicitated in the function. 

This event was attended by hundreds of participants from across the globe, including member countries of BRICS.

Mr. S Prahalathan, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21; World Trade Centre Complex; Cuffe Parade, Mumbai- 400005, Telephone: 91-22-22172704, Email:prahalathan@eximbankindia.in

India Exim Bank forecasts India’s merchandise exports for Q2 of FY2022 to amount to US$ 98.45 bn, and non-oil exports to amount to US$ 85.63bn

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Export-Import Bank of India (India Exim Bank) forecasts India’s total merchandise exports to amount to US$ 98.45 bn, growing at 33%, and non-oil exports to amount to US$ 85.63 bn, growing at 28.3%, during the second quarter of FY 2021-22, as compared to US$ 74.02bn and US$ 66.73 bn, respectively, for the corresponding quarter of the previous financial year.  The rise in India’s exports could be attributed largely to the low base effect, pick-up in growth in advanced economies and the resultant increase in global import demand. Increase in commodity prices have also contributed to the increase in India’s exports. 

Forecast of growth in India’s total merchandise exports and non-oil exports are released by India Exim Bank on a quarterly basis, during the first week of the months of June, September, December, and March for the corresponding quarters, with continuous improvisation to the model. The forecasts are based on India Exim Bank’s Export Leading Index (ELI) Model, which has shown an upward movement during the same quarter. The next growth forecast for India’s exports for the 3rdquarter i.e.October-December 2021 would be released during the first week of December 2021.

The model and the forecast results have been reviewed by a standing technical committee of domain experts comprising Professor Saikat Sinha Roy, Professor & Coordinator, Centre for Advanced Studies, Department of Economics, Jadavpur University, Kolkata; Dr. Sarat Dhal, Director, Department of Economic and Policy Research, Reserve Bank of India, Mumbai; Professor N. R. Bhanumurthy, Vice Chancellor, BASE University, Bengaluru; and Professor C. Veeramani, Professor, Indira Gandhi Institute of Development Research (IGIDR), Mumbai.

As part of its continued research initiatives, Exim Bank hasdeveloped an in-house model to generate an Export Leading Index (ELI) for India to track and forecast the movement in India’s exports on a quarterly basis.The ELI gauges the outlook for the country’s exports and is essentially developed as a leading indicator to forecast growth in total merchandise and non-oil exports of the country, on a quarterly basis, based on several external and domestic factors that could impact exports of the country.  

For further information, please contact:
Mr. David Sinate, Chief General Manager/ Dr. Viswanath Jandhyala, Assistant General Manager, Research & Analysis Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai – 400005; T: +91-22-2286 0363/ 0310/ 0311
E: dsinate@eximbankindia.in/ viswanath@eximbankindia.in

Disclaimer: The results presented above could be of interest to policy makers, researchers, and exporters among others.  These are growth forecasts from the Research and Analysis Group of India Exim Bank and do not necessarily reflect the views of India Exim Bank.  The growth forecast for the quarter derived from the Export Leading Index (ELI) model may be subject to commodity price volatility, uncertainties in the global economy mainly driven by the global pandemic.The model would undergo continuous improvisation with revision of recent available data and advanced forecasting methodology, incorporating comments, suggestions and feedback from various quarters. Actual exports data are sourced from RBI’s Database on Indian Economy.

India Exim Bank Hosts the BRICS Annual Financial Forum 2021

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September 08, 2021: The theme for the BRICS Summit 2021, under India’s Chairmanship is “BRICS@15: Intra-BRICS Cooperation for Continuity, Consolidation and Consensus”.  Being the member development bank under the BRICS Interbank Cooperation Mechanism, Export-Import Bank of India (India Exim Bank) hosted the BRICS Annual Financial Forum on September 08, 2021, on a virtual platform. In line with the theme set by the Government of India, the theme for the BRICS Annual Financial Forum was “Promoting Economic Growth and Prosperity through BRICS Financial Cooperation”.

The Forum saw the participation of high-level delegations led by the heads of the development banks from the BRICS nations viz. the Brazilian Development Bank (BNDES), Brazil; the State Development Corporation (VEB.RF), Russia; the China Development Bank (CDB), China, the Development Bank of Southern Africa (DBSA), South Africa, besides the India Exim Bank. 

The event was also attended by the President of the New Development Bank, besides senior officials from the Government, academia, banks and financial institutions, research bodies and think tanks from India and abroad. The Hon’ble Minister of State for Finance, Government of India, Dr. Bhagwat Kishanrao Karad graced the occasion and delivered the inaugural address.

Speaking at the occasion the Hon’ble Minister of State for Finance, Dr. Bhagwat Kishanrao Karadnoted the contribution of BRICS nations in imparting a fresh resonance to the South-South cooperation in a wide range of areas which provides an expressive testimony of its commitment in the process.He reiterated that the future of the BRICS Interbank Cooperation Mechanism hinges upon the 5 member financial institutions which further needs to elevate their partnership to a level which facilitates sustainable investments across the world.

During the event, Ms. Harsha Bangari, Managing Director, India Exim Bank highlighted the role played by the BRICS nations in alleviating infrastructure bottlenecks in many developing countries. She opined that member DFIs need to extend technical assistance,by sharing expertise and experiences, among the BRICS economies and more importantly with other partner developing countries.She urgedthe member development banks of the BRICS nations to collaborate through emphasis on innovation, to ensure inclusive growth and shared prosperity.

The heads of the member development banks and NDB while sharing their insights highlighted the need for closer collaboration among the member development banks of BRICS and NDB. They emphasized the need for increased financial cooperation which will form the basis for the long-term effective mechanism of economic development of BRICS nations and other partner developing countries. 

The winner of the India Exim Bank BRICS Economic Research Annual Award 2021 was also announced and felicitated during the event. 

For further details please contact:
Mr. David Sinate, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: +91-22- 2286 0363; Fax: 022- 2218 0743; E-mail: dsinate@eximbankindia.in

India Exim Bank Announces the Winner of the BRICS Annual Economic Research Award 2021

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Presentation of India Exim Bank’s BRICS Economic Research Annual Award 2021 by Ms. Harsha Bangari, Managing Director, Export-Import Bank of India (India Exim Bank), to the Award winner, Dr. Rahul Singhin the presence of Mr. N. Ramesh, Deputy Managing Director, India Exim Bank,during the Annual BRICS Financial Forum hosted online by India Exim Bank, on September08, 2021.

September 08, 2021: Dr.Rahul Singhwas declared the winner of Export-Import Bank of India’s (India Exim Bank’s) BRICS Economic Research Annual Award 2021 for his doctoral thesis titled “Essays in International Trade in Post Liberalization India”, during the Annual BRICS Financial Forum 2021, hosted online by theIndia Exim Bank,on September08, 2021. The Award comprises prize money of Indian Rupees 1.5 million (approximately USD 21,000), a medal and a citation. The Award was presented to the winner byMs. Harsha Bangari, Managing Director, India Exim Bank, in the presence of Mr. N. Ramesh, Deputy Managing Director, India Exim Bank, andin the virtual presence ofDr. Bhagwat KishanraoKarad, the Hon’ble Minister of State for Finance, Government of India, and the heads of the member development banks from BRICS viz. The Brazilian Development Bank (BNDES); The State Development Corporation (VEB.RF),China Development Bank (CDB); the Development Bank of Southern Africa (DBSA) and the New Development Bank.IndiaExim Bank’s occasional paper based on Dr.Singh'sAward-winning thesis was also released on the occasion at the hands of the Dr.Karad.

The Winning Thesis

Dr.Rahul Singhreceived hisdoctoral degree in 2020 from the Indian Institute of Management, Bangalore. He is currently working as anAssistant Professor at the Amrut Mody School of Management, Ahmedabad University.

The BRICS Economic Research Annual Award

In the context of India’s Chairmanship of the BRICS Forum during 2016, and under India Exim Bank’s Presidency of the BRICS Interbank Cooperation Mechanism, India Exim Bank instituted the BRICS Economic Research Award in March 2016.The objective of the Award is to stimulate and encourage advanced doctoral research on economics related topics of contemporary relevance to the member nations of BRICS.

he BRICS Economic Research Annual Award represents India Exim Bank’s on-going efforts at promoting research in international economics, trade &development and related financing.The Award acceptsas entries, doctoral thesis written by nationals of any of the five member nations of BRICS, who have been awarded a doctorate or accepted for award of a doctorate from any University or academic institution globally. The details of the Award were disseminated globally through advertisements in print and electronic media.A large number of applications were received for the BRICS Award 2021, covering all the 5 nationalities.

For further details please contact: Mr. David Sinate, Chief General Manager,Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005.Telephone:+91-22- 22860363; Fax: 022- 2218 0743; E-mail: dsinate@eximbankindia.in

Ms. Harsha Bangari takes charge as Managing Director of India Exim Bank

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September 8, 2021: Ms. Harsha Bangari has taken over as the Managing Director of Export-Import Bank of India (India Exim Bank) today. Prior to this, Ms. Bangari was the Deputy Managing Director of the Bank. 

A seasoned finance professional with experience of more than 26 years in the financial sector, Ms. Bangari has thorough knowledge of the Bank’s processes and business policies across functions, covering cross-border project financing, risk management, client servicing and liability-side management, including treasury functions and foreign currency resources. Her areas of interest include international debt capital markets and international project finance.

Ms. Bangari joined India Exim Bank in 1995. Before her elevation as the Deputy Managing Director a year back, she was a Chief General Manager and the Chief Financial Officer of the Bank.

Ms. Bangari holds a bachelor’s degree in commerce and is a Chartered Accountant.

For more information, contact:Uday Shinde, General Manager, Corporate Communications, Centre One Building, Floor 21, World Trade Centre Complex,Cuffe Parade, Mumbai 400 005; Ph: +91 022-2217 2810; E-mail: uday@eximbankindia.in

India Exim Bank engages with Indian Pharma companies to promote exports from the country

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Export-Import Bank of India (India Exim Bank), along with Japan Bank for International Cooperation (JBIC) and Pharmaceutical Export Promotion Council of India (Pharmexcil) organised a webinar on September 01, 2021 on ‘Innovative Funding Structures and Assistance for Manufacturers of COVID-19 related Pharma Products’. 

The webinarpart of the series of market interactions by India Exim Bank to address the requirements of Pharma companies working in the COVID ecosystem. In its first edition, India Exim Bank, JBIC and Pharmexcil had come together and organised a roundtable withIndian COVID vaccine manufacturers (existing and potential) to discuss about their financing needs and the financing options available to them. The discussions have generated considerable interest amongst the vaccine manufacturers, in pursuing the capacity creation/expansion and possible opportunities in other markets as well.The webinar was well attended by nearly 100 participants from the pharma industry.

The webinar dwelled upon several possible financing options by India Exim Bank and JBICfor pharma companies which have critical role in combating COVID-19. India Exim Bank offers a wide range of financing products for pharma companies, including trade finance for the importers(both directly as well as through overseas banks or FIs)and exporters, term loans for research and development, investment in new capacity as well as additional capacity, and support to vendors of pharma companies, through the Bank’s recently launched Ubharte Sitaare Programme. India Exim Bank, along with JBIC, will offer competitive financing options to pharma companies working in the COVID ecosystem.

The association with JBIC comes in the backdrop of QUAD members, (comprising the USA, Australia, Japan and India),launching a landmark partnership to further accelerate the end of the COVID-19 pandemic. Together, QUADleaders are taking shared action necessaryto expand safe and effective COVID-19 vaccine manufacturing.

Media Enquiries 
Mr. Uday Shinde,
General Manager,
Corporate Communications Group,
Phone: +91-22-22172829
Mob: +91- 91672-29352
E-mail: uday@eximbankindia.in

Exim Bank Extends Line of Credit of USD 40 Million To The Government of Republic of Maldives

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Export-Import Bank of India [Exim Bank], on behalf of the Government of India, has extended a Line of Credit [LOC] of USD 40 millionto the Government of the Republic of Maldives for the purpose of financing for development of sports infrastructure.The LOC Agreement to this effect was signed in Male’, Maldives on Thursday, September 2, 2021by H.E. Ibrahim Ameer, Minister of Finance, Government of Republic of Maldives and Mr. Nirmit Ved, General Manager, Exim Bank.

With the signing of the above LOC Agreement, Exim Bank, till date, has extended 5 (Five) Lines of Credit to the Government of the Republic of Maldives, on behalf of the Government of India, taking the total value of LOCs to USD 1.33 billion. Projects covered under the LOCs extended to the Government of Republic of Maldives include Housing project, Greater Male’ Connectivity Project, Water & Sewerage Projects, Addu Development Project, International Cricket StadiumProject, Defence projects,Gulhifalhu Port Project, Hanimaadhoo Airport Project, Road Construction Project and Sports Infrastructure.

With the signing of this LOC Agreement, Exim Bank has now in place 276Lines of Credit, covering 62 countries in Africa, Asia, Latin America Oceaniaand the CIS, with credit commitments of around USD 27.02 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact Mr. Gaurav Singh Bhandari, Chief General Manager, Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, East Kidwai Nagar, New Delhi-110023. Telephone: +91 11 24607700/, E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

H.E. Ibrahim Ameer, Minister of Finance, Government of Republic of Maldives and Mr. Nirmit Ved, General Manager, Exim Bank signing the Lines of Credit Agreement of USD 40 millionfor development of sports infrastructure in Maldives.

India Exim Bank extends US$ 100 mn loan to Africa Finance Corporation to spur post-covid recovery

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Lagos, 31August 2021 –AfricaFinance Corporation (AFC), the leading infrastructure solutions provider on the continent,has receiveda US$100 million credit line from the Export-Import Bank of India (India Exim Bank)to developcritical infrastructure required for the revival of Africa’s economiesin the wake of the Covid-19 pandemic.

Proceeds from the 10-year loan will support AFC’s continued mission to bridge Africa’s infrastructure gap and drive the sustainable economic growth urgently required on the continent. India Exim Bank, the sovereign export credit agency of India, has actively sought opportunities to co-finance projects in Africa through credit lines to support infrastructure development.Africa Finance Corporation draws capital from a diverse range of international investors and lenders as part of its strategy to maintain Africa’s second highest investment grade credit ratings.

“As part of our mandate, India Exim Bank continues to foster a network of alliances and institutional linkages with multilateral agencieslike Africa Finance Corporation,who have a strong credit profile and are at the forefront of changing the development landscape in Africa,” said Harsha Bangari, Deputy Managing Director ofIndia Exim Bank. “We look forward to broadening the relationship between our institutions for the economic benefit of Africa.”

India Exim Bank provides credit lines to national governments, regional financial institutions, commercial banks and other overseas entities as part of its strategyto develop global partnerships.

AFC’s President and CEO Samaila Zubairu said: “The Covid-19 pandemic has set back Africa’s growth trajectory and compounded its development challenges. We at AFC, continue to execute our mandate to address Africa’s infrastructure needs,working withleading development partners such as India Exim Bank. These strategic partnerships help mobilise the urgently needed capitalto rebuild Africa post-pandemic,with more resilient and sustainable infrastructure across key sectors including renewable energy, transportation and telecommunications.”

Africa Finance Corporationrecently received a boost to its credit ratings outlook from Moody’s Investors Service, which assigned its A3 rating a “stable” outlook. The Corporation’s unique access to global capital markets drives development, integrates Africa’s economies, and transforms lives on the continent.

About AFC

AFC was established in 2007 to catalyse private sector-led infrastructure investment across Africa. It is the second highest investment grade rated multilateral financial institution in Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. AFC invests in high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. The Corporation has invested over US$8.7 billion in projects in 35 countries across Africa since inception.

www.africafc.org

About India Exim Bank

India Exim Bank was set up in 1982 by an Act of Parliament and is fully owned by the Government of India. It is the principal financial institution for coordinating the working of institutions engaged in financing exports and imports.  India Exim Bank, has over the years, played a catalytic role in facilitating India’s integration with the global economy by promoting, financing and facilitating India’s international trade and investment. The Bank’s range of programmes have helped Indian enterprises become competitive and develop a global footprint.

www.eximbankindia.in

Media enquiries 


India Exim Bank
Tarun Sharma
Chief General Manager
Tel: +91-22-22172600
E-mail:
tarun@eximbankindia.in 

Mr. Subhasis Dhal
Chief Executive (London Branch)
Tel: +44 20 77969040
E-mail:
eximlondon@eximbankindia.in

 

Africa Finance Corporation
Marlynie Moodley
SVP Communications
Mobile : +27(0) 82 564 2457
Email : marlynie.moodley@africafc.org

Harnessing UP’s Untapped Potential Could Raise the State’s Merchandise Exports to nearly US$ 30 Billion: India Exim Bank Study

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Release of India Exim Bank’s Publication titled “Exports from Uttar Pradesh: Trends, Opportunities and Policy Perspective” by Ms. Nirmala Sitharaman, Hon’ble Minister of Finance and Corporate Affairs, Government of India during anevent for the launch of the UbharteSitaare Fund, held at Lucknow on 21st August2021. Also seen in the photo (Left to Right) are: Ms. Harsha Bangari, Deputy Managing Director, India Exim Bank; and Mr. Sidharth Nath Singh, Minister of Micro Small and Medium Enterprises, Government of Uttar Pradesh.

Uttar Pradesh is one of the largest exporting states, with a decisive role in the export growth story of India.According to a Study published by the Export-Import Bank of India (India Exim Bank), the State ranked 5th among all States by value of merchandise exports.Although exports from the State have registered robust growth during the recent period, thereremains an untapped merchandise export potential of nearly US$ 12.2 billion. Realizing this potential could increase merchandise exports from the state to nearly US$ 30 billion.

The Study titled ‘Exports From Uttar Pradesh: Trends,Opportunities And Policy Perspective’ was released by Ms. Nirmala Sitharaman, Hon’ble Union Minister of Finance and Corporate Affairs, during an event jointly organized by India Exim Bank and the Small Industries Development Bank of India (SIDBI) for the launch of the UbharteSitaare Fund on 21st August 2021, at Lucknow. The event had speakers from the Ministry of Finance, the Government of UP, India Exim Bank, SIDBI and entrepreneurs from the MSME sector. The event was attended virtually and physically by more than 500 participants from the Indian business community.

The Study highlights the need for diversification of exports to higher value-added items such as pharmaceuticals, electronics and machinery, processed food, technical textiles, among others. The Study also highlights the need for diversification of markets for UP’s exports.

The Study also analyses the current status of trade enabling infrastructure in UP, and recommends strategies for plugging the existing gaps. This includes, inter alia,setting up more ICDs, air cargo facilities, and improving the connectivity to the ports in the State; leveraging centrally sponsored schemes such as the Trade Infrastructure for Export Scheme (TIES) for developing and strengthening essential export infrastructure; strengthening warehousing and cold storage facility in the State, among others. Besides, the Study also highlights the need for strengthening the SPS/TBT infrastructure in the State, in order to augment exports to highly regulated advanced economies.

The Government of UPcould also consider fiscal incentives such as capital subsidy in priority sectors such as defence goods to improve the investment climate for defence goods in the State and ensure success of the Defence Industrial Corridor projectin the State.The Study also notes that the State has strong clusters for several products, which could be strengthened through development of a mechanism for detailedassessmentof the clustersandidentification of the necessary areas of intervention. 

Speaking on the occasion, Ms. Nirmala Sitharaman highlighted the efforts taken by the Government of India to improve the competitiveness of the MSME sector in the country. Ms. Sitharamannoted that the UbharteSitaareProgram of India Exim Bank would support growth of export-oriented MSMEs throughequity, debt and technical assistance. She also noted that India Exim Bank and SIDBI would identify UbharteSitaare in each district, and create awareness among chambers in the districts.

In her address, Ms. Harsha Bangari, Deputy Managing Director, India Exim Bank further emphasized the willingness of India Exim Bank to partner future export champions under the UbharteSitaare Program and provide them with financial and advisory support. Ms. Bangari highlighted that as part of the programme, the Bank would look at supporting companies with niche products, processes or technologies, and help them foray into the international market.

For further information, please contact
Mr. S Prahalathan, Chief General Manager, Research & Analysis Group
Export-Import Bank of India, Floor 8, Maker Chambers IV,Nariman Point Mumbai 400 021. 
Telephone: +91 22-2286 0333, E-mail: prahalathan@eximbankindia.in

FM launches the Ubharte Sitaare Fund to support India’s Future Export Champions

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The Hon’ble Finance Minister of India, Smt. Nirmala Sitharaman, on Saturday, August 21, 2021 launched the Ubharte Sitaare Fund in Lucknow in the presence of Shri Siddharth Nath Singh Hon’ble Minister for MSME and Export Promotion, Government of Uttar Pradesh and Shri Pankaj Jain, Additional Secretary, Department of Financial Services, Ministry of Finance, Government of India.

The Hon’ble Finance Minister, in her budget speech last year, announced the Ubharte Sitaare Programme (USP) to be anchored by India Exim Bank together with SIDBI, in the backdrop of the constraints faced by small and mid-sized companies in realising their export ambitions. The Programme identifies Indian companies that have the potential to be future champions in the domestic arena, while catering to global demands. The identified Indian companies supported under the Programme exhibit a latent advantage by way of technology, product or process. The Programme diagnoses the hurdles and constraints of identified enterprises, and assists them, in their growth and export strategies through a mix of structured support which covers both financial and advisory services in the form of equity, debt, and technical assistance.

Under the Programme, an Alternative Investment Fund, christened “Ubharte Sitaare Fund”, co-sponsored by India Exim Bank and SIDBI with a contribution of ₹ 40 crore each has been successfully registered with SEBI in July 2021. The corpus of the Fund is ₹ 250 crore with a green shoe option of ₹ 250 crore. The Fund would invest by way of equity, and equity like products in export-oriented units, both in the manufacturing and services sectors, across the country and facilitate rising stars in the export market to attain greater heights.

The objective of the USF is to identify and invest in small and mid-size ventures in manufacturing and service industries with good export potential that could be future champions of export and handhold them through the growth phase.

Speaking on the occasion, the hon’ble Finance Minister, Ms. Nirmala Sitharaman highlighted the efforts taken by the government to provide a boost to the MSME sector in the country including the launch of the Production-Linked Incentive scheme. She noted that the government similarly announced the AatmaNirbhar Bharat initiative during the onset of the COVID-19 pandemic, which enables Indian companies to become internationally competitive and facilitate greater self-reliance in India. She noted that the USF would make investments in export-oriented small and mid-sized companies by way of equity and equity-like products, and thereby help script a new paradigm of growth in exports. The initiative would play a catalytic role in contributing to the growth of the identified companies and would also have downstream benefits such as growth and diversification of India’s exports, impetus to brand India, and employment generation.

During the event, Smt. Harsha Bangari, Deputy Managing Director, India Exim Bank, highlighted the Bank’s efforts, amidst the Covid pandemic, in developing and strengthening partnerships with leading academia, chambers of commerce, industry bodies, amongst others while operationalising the USP. Smt. Bangari further added that India Exim Bank has developed a robust pipeline of over 100 potential proposals and supported several companies across a diverse range of sectors. Some of these companies were showcased during the event including a manufacturer of key ingredients for Covid vaccines and black fungus drug and a company promoting environmental sustainability in recycling and manufacturing key inputs for FMCG packaging.

Speaking on the occasion SIDBI’s Chairman & Manging Director, Shri Sivasubramanian Ramann, highlighted several initiatives that have been taken in the recent past for the benefit of MSMEs in the country, more so in the state of Uttar Pradesh. He reiterated that SIDBI is committed to facilitate the all-round growth of MSMEs in the country through Credit-plus approach.

The event was attended physically and virtually by participants from the Indian industry and academia from across the country.

For further information, please contact:

Ms.  Meghana Joglekar, General Manager, 

Sustainable Enterprises and Export Development Group

Export-Import Bank of India, Centre One Building, Floor 21, 

World Trade Centre Complex, Cuffe Parade, Mumbai - 400005

Telephone: 91 22-2217 2600 E-mail: ccg@eximbankindia.in

Untapped Export Potential of US$ 227.4 million in Sports Goods: Exim Bank Study

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Sports goods is a niche sector, which has been a shining beacon of growth for India’s exports. The traditional clusters of Meerut in Uttar Pradesh and Jalandhar account for more than 70 percent of the sports goods production in the country. According to a study by the Export-Import Bank of India (India Exim Bank), India currently manufactures more than 300 types of sports goods and is one of the largest manufacturers in Asia, after China and Japan. Exports of sports goods from the country have increased from US$ 166.1 million in 2010-11 to US$ 278.9 million in 2019-20, registering a robust CAGR of 5.9 percent during this period. As per estimates by India Exim Bank, there remains an untapped export potential of US$ 227.4 million in the sports goods industry. If realized, it could help exports from the sector reach the US$ 500 million mark. Given India’s significant untapped potential in the sector and the Government of India’s overall focus on building a self-reliant manufacturing in the country, the Study opines that the time is ripe for India to push for appropriate reforms to address the challenges in the sports goods sector, enhance domestic capabilities and improve export competitiveness. Clusters such as Meerut in Uttar Pradesh will form the cornerstone in realizing the vision of a strong and AatmaNirbhar sports goods in the country.

The Study analyses the global trends in trade of sports goods, the performance of Indian sports goods exports over the recent years, and key aspects of India’s competitiveness in the international market. Based on a thorough analysis, comprising desk research and interaction with stakeholders, the Study identifies major challenges for the sector in India and recommends pertinent strategies for alleviating these concerns, including those arising from the COVID-19 pandemic.

The Study discusses a multi-faceted approach to improve the competitiveness of the industry including product and market diversification; building capacity for bidding in international sporting events; promoting bundling of complementary sports goods and sportech products to fetch better margins; removing policy bottlenecks that impede growth in exports or promote imports; branding of Kashmir willow bats through a GI and marketing its positive attributes in the international market; providing fiscal incentives to companies for mechanization, and testing and certification of products; mechanizing the production of footballs; investigating possibility of raising tariffs on import from China; focusing on innovation and R&D; setting up plug and play facility for foreign investments; establishing common facility centres in the key sports goods clusters for the benefit of MSMEs, and spreading awareness through seminars and workshops.

The Study titled ‘Indian Sports Goods Industry: Strategies for Tapping the Export Potential’ was released by Ms. Nirmala Sitharaman, Hon’ble Union Minister of Finance and Corporate Affairs, during an event jointly organized by India Exim Bank and the Small Industries Development Bank of India (SIDBI) for the launch of the Ubharte Sitaare Fund on 21st August 2021, at Lucknow. The event had speakers from the Ministry of Finance, India Exim Bank, SIDBI and entrepreneurs from the MSME sector. The event was attended virtually and physically by more than 150 participants from the Indian business community.

Speaking on the occasion, Ms. Nirmala Sitharaman highlighted the efforts taken by the Government of India to impart a renewed energy to the MSME sector in the country. She noted that the Ubharte Sitaare Programme, which was announced in the Union Budget 2020, has been operationalized despite the pandemic, and is assisting companies through a mix of structured support comprising equity, debt and technical assistance. Launching the Ubharte Sitaare Fund (USF) of India Exim Bank and SIDBI, she emphasized that the Fund would make investments in export-oriented units by way of equity and equity-like products, and thereby help script a new paradigm of growth in exports from the MSME sector. 

In her address, Ms. Harsha Bangari, Deputy Managing Director, India Exim Bank further underscored the readiness of India Exim Bank to partner future export champions under the Ubharte Sitaare Program and provide them with financial and advisory services to help realize their true potential. Ms. Bangari highlighted that as part of USF, the Bank would look at investing growth capital in enterprises that have potential for quick scale up and value creation, and handholding them through the growth phase.

For further information, please contact

Mr. S Prahalathan, Chief General Manager, Research & Analysis Group

Export-Import Bank of India, Floor 8, Maker Chambers IV, Nariman Point Mumbai 400 021. 

Telephone: +91 22-2286 0333, E-mail: prahalathan@eximbankindia.in

India Exim Bank Study Suggests Setting up US$ 100 million Fund for Building Regional Healthcare Hubs Across Africa

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India Exim Bank’s study titled “India-Africa Healthcare: Prospects and Opportunities” was released during the 16th CII-EXIM Bank Digital Conclave on India-Africa Project Partnership on July 13, 2021, in the presence of Dr. S Jaishankar, Hon’ble Minister of External Affairs, Government of India, H.E. Mr. Slumber Tsogwane, Vice President, Republic of Botswana, H.E. Dr. C. G. D N Chiwenga, Vice President and Minister of Health and Child Care, Republic of Zimbabwe, H.E. Mr. Alan Kyerematen, Minister of Trade and Industry, Republic of Ghana, and Ms. Harsha Bangari, Deputy Managing Director, India Exim Bank, along with senior corporate executives.

Healthcare has remained an important pillar of India’s development cooperation with Africa. India has long been engaging with several African nations to help alleviate various infectious diseases by making generic medicines and vaccines available at low costs. According to the India Exim Bank’s study, India’s export of pharmaceutical products to Africa has more than doubled from US$ 1.3 billion in 2010 to US$ 3.2 billion in 2019, making it the largest pharmaceutical exporter to the continent. India has also engaged with Africa for supply of vaccines during the COVID-19 pandemic.

However, Africa’s healthcare development remains uneven as reflected in the Universal Health Coverage Service Coverage Index (UHC SCI), with seven countries in Africa having UHC SCI higher than the global average of 66, vis- à-vis the African average of 46 in 2017. Additionally, Africa’s growing population, along with its demographic and urban transition, could further add to the limited healthcare system in the coming years. There is an increasing need for a multisectoral approach to improve the region’s access to equitable healthcare.

In order to strengthen this partnership between India and Africa, India Exim Bank study suggests setting up a US$ 100 million fund for financing the construction of five 100-bed capacity tertiary hospitals across Africa, spread across the five regions of the Continent.  The study highlights that India, on an average, attracts over 50,000 African medical tourists annually, reflecting the demand for India’s affordable and quality healthcare. Indian hospital majors that have gained significant experience in running hospitals under the PPP framework could be ideal partners for meeting Africa’s healthcare infrastructure needs.

The study also suggests developing a pharmaceutical value chain in collaboration with the African countries and establishing regional pharmaceutical or vaccine manufacturing plants, along with joint facilities for R&D and cold storage facilities under the PPP model, contributing to building resilient supply chains. 

The other areas of cooperation suggested in the study include, strengthening hospital management and IT infrastructure, digitalisation of healthcare, facilitating medical tourism and wellness centres in Africa, developing medical equipment value chain, providing medical education and capacity building of health personnel, fostering healthcare innovation, among others. 

The healthcare and wellness sector in Africa is expected to be worth US$ 259 billion by the year 2030. The African Continental Free Trade Agreement (AfCFTA) will potentially integrate the African continent of 1.3 billion people presently, and 2.5 billion people by 2050, thereby creating scope for tapping the expanding market. The COVID-19 pandemic has emerged as a window of opportunity for Indian hospitals and related companies to collaborate to build a resilient Africa, giving the India-Africa Partnership a new dimension. Further, India’s medical diplomacy with Africa supports the Agenda 2063 and the SDGs of Africa and could be a critical pillar for taking India-Africa relations to new heights.

For further information, please contact Mr. David Sinate, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005.  Telephone: +91-22-22182511; Fax: +91-22-2218 0743; E-mail: dsinate@eximbankindia.in 

India Exim Bank extends Buyer’s Credit facility of USD 35.26 million under National Export Insurance Account for power transmission project in Senegal

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Export-Import Bank of India (India Exim Bank) signed a Buyer’s Credit Agreement for USD 35.26 million with the Ministry of Economy, Planning and Co-operation of the Republic of Senegal for the purpose of construction and installation of 225 kV overhead Transmission Line from Tanaff to Ziguinchor (approx. 92 km) and bay extensions at Tanaff and Ziguinchor in Senegal. This funding will be provided under the Buyer’s Credit programme under National Export Insurance Account (NEIA) Scheme. The project will enable securing energy supply in the southern region of Senegal comprising of Tambacounda, Ziguinchor and Tanaff, and reduce operating expenses and the cost per kWh. It will initiate the interconnection of 225 kV power transmission line with OMVG (Gambia River Basin Development Organization) Energy Projects. The project will be executed by Kalpataru Power Transmission Ltd. 

India Exim Bank had earlier supported the construction of 225kV transmission line for Tambacounda - Kolda - Ziguinchor link in Senegal by way of a Buyer’s Credit facility of USD 200 million under the NEIA Programme. The Bank has supported various projects in power, water, railway and road sectors in various countries in Africa, Asia and Latin America under the NEIA scheme. The NEIA scheme is a unique financing mechanism that provides a safe mode of financing option to Indian project exporters backed by cover from NEIA Trust.

For further information, please contact Ms. Shilpa Waghmare, General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005. Telephone +91-22-22172320; E-mail: Shilpa.w@eximbankindia.in

Photo Caption: Signing and exchange of Buyer’s Credit agreement under National Export Insurance Account of USD 35.26 million with H.E. Mr. Amadou HOTT, Minister of Economy, Planning and Cooperation, Government of the Republic of Senegal for construction and installation of 225 kV overhead transmission line from Tanaff-Ziguinchor and bay extension at Tanaff and Ziguinchor in Senegal.

Export-Import Bank of India, on behalf of the Government of India, extends a line of credit [LOC] of USD 40 million to the Government of Togo

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Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended a Line of Credit [LOC] of USD 40 million to the Government of Togo for the purpose of electrification of 350 villages in Togo through Solar photo-voltaic systems. 

Photo Caption: H.E Mr. Sani YAYA, Hon’ble Minister of Economy and Finance, Government of Togo exchanging the Line of Credit Agreement of USD 40 million with Mr. G. Selva Kumar, Resident Representative, Exim Bank’s Abidjan Representative Office in Lomé on June 23, 2021, for the purpose of electrification of 350 villages in Togo through Solar photo-voltaic systems, in the presence of  H.E Ms. Mila AZIABLÉ, Hon’ble Minister of  Mines and Energy, Government of Togo and Mr. Praveen Chandra Kala, Charge d’Áffaires, Indian Embassy in Togo.

The LOC Agreement to this effect was signed by H.E Mr. Sani YAYA, Hon’ble Minister of Economy and Finance, Government of Togo and Mr. G. Selva Kumar, Resident Representative, Exim Bank’s Abidjan Representative Office, in the presence of H.E Ms. Mila AZIABLÉ, Hon’ble Minister of Mines and Energy, Government of Togo and Mr. Praveen Chandra Kala, Charge d’Áffaires, Indian Embassy in Togo, in Lomé on June 23, 2021.

With the signing of the above LOC Agreement for USD 40 million, Exim Bank, till date, has extended 5 (five) Lines of Credit to the Government of Togo, on behalf of the Government of India, taking the total value of LOCs extended to USD 150.10 million. The LOCs extended to the Government of Togo covers projects in sectors including Rural Electrification, Farming, Transmission lines and Solar Energy. 

With the signing of this LOC Agreement, Exim Bank has now in place 274 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.98 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact Mr. Gaurav Bhandari, Chief General Manager, Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, Kidwai Nagar East, New Delhi-110023. Telephone: +91 11 24607700/, E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

Exim Bank, on behalf of the Government of India, extends a line of credit [LOC] of USD 100 Million to the Government of the Socialist Republic of Sri Lanka

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Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended a Line of Credit [LOC] of USD 100 million to the Government of the Socialist Republic of Sri Lanka for financing Projects in the Solar Energy Sector in Sri Lanka.

Photo Caption: H.E. Mr. Gopal Baglay, Indian High Commissioner to Sri Lanka exchanging the Line of Credit Agreement of USD 100 million with Mr. S. R. Attygalle, Secretary, Ministry of Finance, Government of the Socialist Republic of Sri Lanka in Colombo on June 16, 2021 for financing Projects in the Solar Energy Sector in Sri Lanka, in the presence of Sri Lankan President H.E. Mr. Gotabaya Rajapaksa and State Minister H.E Mr. Duminda Dissanayake at the Presidential Secretariat in Colombo.

The LOC Agreement to this effect, signed by Mr. S. R. Attygalle, Secretary, Ministry of Finance, Government of the Socialist Republic of Sri Lanka and Mr. Gaurav Bhandari, Chief General Manager, Exim Bank was exchanged between Mr. S. R. Attygalle and Indian High Commissioner H.E Mr. Gopal Baglay in the presence of Sri Lankan President H.E. Mr. Gotabaya Rajapaksa and State Minister H.E. Mr. Duminda Dissanayake at the Presidential Secretariat in Colombo on June 16, 2021.

With the signing of the above LOC Agreement for USD 100 million, Exim Bank, till date, has extended 9 (nine) Lines of Credit to the Government of the Socialist Republic of Sri Lanka, on behalf of the Government of India, taking the total value of LOCs extended to USD 1.68 billion. Projects covered under the LOCs extended to the Government of the Socialist Republic Sri Lanka includes supply of Petroleum products, Railway projects, Defence and Infrastructure Projects. 

With the signing of this LOC Agreement, Exim Bank has now in place 272 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.84 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact Mr. Gaurav Bhandari, Chief General Manager, Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, Kidwai Nagar East, New Delhi-110023. Telephone: +91 11 24607700/, E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

India Exim Bank forecasts India’s merchandise exports for Q1 of FY2022 to amount to US$ 87.2 bn, and non-oil exports to amount to US$ 78.26 bn, witnessing a robust positive growth

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Export-Import Bank of India (India Exim Bank) forecasts India’s total merchandise exports to amount to US$ 87.2 bn, growing at 70.1%, and non-oil exports to amount to US$ 78.26 bn, growing at 68.5%, during the first quarter of 2021-22, as compared to US$ 51.3 bn and US$ 46.4 bn, respectively, for the corresponding quarter of the previous year. The sharp rise in India’s exports could be attributed largely to the low base effect, pick up in global oil prices, and strong growth in advanced economies. While the peak of the second wave of infections of the COVID-19 pandemic witnessed in India during end April-May 2021, could have subdued exports during the quarter to some extent, exports from India have nevertheless been relatively resilient.

Forecast of growth in India’s total merchandise exports and non-oil exports are released by India Exim Bank on a quarterly basis, during the first week of the months of June, September, December, and March for the corresponding quarters, with continuous improvisation to the model. The forecasts are based on India Exim Bank’s Export Leading Index (ELI) Model, which has shown an upward movement during the same quarter. The next growth forecast for India’s exports for the quarter July-September 2021 would be released during the first week of September 2021.

The model and the forecast results have been reviewed by a standing technical committee of domain experts comprising Professor Saikat Sinha Roy, Professor & Coordinator, Centre for Advanced Studies, Department of Economics, Jadavpur University, Kolkata; Dr. Sarat Dhal, Director, Department of Economic and Policy Research, Reserve Bank of India, Mumbai; Professor N. R. Bhanumurthy, Vice Chancellor, BASE University, Bengaluru; and Professor C. Veeramani, Professor, Indira Gandhi Institute of Development Research (IGIDR), Mumbai. As part of its continued research initiatives, Exim Bank had developed an in-house model to generate an Export Leading Index (ELI) for India to track and forecast the movement in India’s exports on a quarterly basis. The ELI gauges the outlook for the country’s exports and is essentially developed as a leading indicator to forecast growth in total merchandise and nonoil exports of the country, on a quarterly basis, based on several external and domestic factors that could impact exports of the country.

For further information, please contact: Mr. David Sinate, Chief General Manager/ Dr. Viswanath Jandhyala, Assistant General Manager, Research & Analysis Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai – 400005; T: +91-22-2286 0363/ 0310/ 0311 E: dsinate@eximbankindia.in/ viswanath@eximbankindia.in

Disclaimer: The results presented above could be of interest to policy makers, researchers, and exporters among others. These are growth forecasts from the Research and Analysis Group of India Exim Bank and do not necessarily reflect the views of India Exim Bank. The growth forecast for the quarter derived from the Export Leading Index (ELI) model may be subject to commodity price volatility, uncertainties in the global economy mainly driven by the global pandemic. The model would undergo continuous improvisation with revision of recent available data and advanced forecasting methodology, incorporating comments, suggestions and feedback from various quarters. Actual exports data are sourced from RBI’s Database on Indian Economy. 

 

Export-Import Bank of India, on behalf of the Government of India, extends a line pf credit of USD 108.28 Millon to the Government of the Kingdom of Eswatini(Swaziland)

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Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended Line of Credit [LOC] of USD 108.28 million to the Government of the Kingdom of Eswatini (Swaziland) for construction of a new Parliament building in Eswatini.

The LOC Agreement to this effect was signed through exchange between Mr. Nirmit Ved, General Manager, Exim Bank, and H.E. Mr. Neal H Rijkenberg, Hon’ble Finance Minister, Government of the Kingdom of Eswatini (Swaziland).

With the signing of the above LOC Agreement, Exim Bank, till date, has extended four (Four) Lines of Credit to the Government of the Kingdom of Eswatini (Swaziland), on behalf of the Government of India, taking the total value of LOCs extended to USD 176.58 million. The LOCs extended to the Government of the Kingdom of Eswatini (Swaziland) cover projects in sectors including Information Technology, Disaster Management, Agriculture and Construction.

With the signing of this LOC Agreement, Exim Bank has now in place 272 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.84 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact Mr. Gaurav Bhandari, Chief General Manager, ExportImport Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, Kidwai Nagar East, New Delhi-110023. Telephone: +91 11 24607700/, E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

India Exim Bank’s PAT jumps more than 100% in FY 2020-21

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India Exim Bank’s Managing Director, Mr. David Rasquinha, and Deputy Managing Directors, Ms. Harsha Bangari and Mr. N. Ramesh, announced the Bank’s results for the financial year 2020-21 through a virtual press conference in Mumbai on Friday, May 21, 2021.

Key highlights of the Bank’s performance during 2020-21 are as under:

FINANCIAL PERFORMANCE

BUSINESS PERFORMANCE

Lines of Credit (LOCs): During FY 2020-21, Exim Bank on behalf of the GOI extended 20 LOCs, aggregating US$ 2.23 billion, to support export of projects, goods, and services from India. Exim Bank has built up a portfolio of 272 GOI-LOCs with credit commitments aggregating US$ 26.76 billion which are at various stages of implementation. With ever expanding reach, the LOCs have gained momentum in stimulating economic growth across 64 countries in Africa, Asia, Latin America, Oceania and the CIS region.

Project Exports: During FY 2020-21, Exim Bank has supported 38 project export contracts valued at US$ 3.6 billion (approx.) under its commercial window. Some major project exports contracts supported by the Bank during the year include power transmission project in Bangladesh; a solar project and installation of electrical equipment in Australia; construction of sub-stations in Thailand.

Buyers’ Credit under National Export Insurance Account (BC-NEIA): During FY 2020-21, Exim Bank sanctioned an amount of US$ 2.88 billion, for 32 export projects, valued at US$ 3.15 billion. The Bank has also given in-principal commitments for US$ 1.58 billion supporting 16 projects valued at US$ 1.78 billion, under BC-NEIA, at the request of several leading Indian project exporters.

Overseas Investment Finance: During FY 2020-21, five corporates were sanctioned funded and non-funded assistance aggregating ₹ 7.21 billion for part financing their overseas investments in 2 countries. So far, India Exim Bank has provided finance to 637 ventures set up by 476 companies in 78 countries. 

RESOURCES & TREASURY 

During FY 2020-21, Exim Bank raised FC resources aggregating US$ 2.03 billion equivalent, through a variety of instruments. In January 2021, the Bank raised US$ 1 billion for a 10-year tenor at a coupon of 2.25 per cent p.a. in the 144A/Reg-S format. The transaction marked the lowest coupon from any Indian issuer for a 10-year US$ issuance. The issue attracted a total order book in excess of US$ 3.5 billion at close, thereby achieving more than 3.5 times subscription from high-quality investors. 

During the year, the Bank has also raised funds through bilateral loans from Banks / Financial Institutions. So far, the Bank has raised FC resources in diverse currencies including Australian Dollars, Euros, Great Britain Pounds, Japanese Yen, Mexican Peso, Offshore Renminbi, Singapore Dollars, South African Rand, Swiss Francs, Turkish Lira and United States Dollars.

During the year, the Bank received capital of `13 billion from the Government of India by way of budget allocation. As on March 31, 2021, the Bank’s total resources including paid-up capital of `151.59 billion and reserves of `24.26 billion aggregated `1,272.02 billion.

Rating: The Bank is rated Baa3 (Negative) by Moody’s, BBB- (Stable) by S&P Global Ratings, BBB- (Negative) by Fitch Ratings and BBB+ (Stable) by Japan Credit Rating Agency. All the above ratings are of investment grade or above and are the same as the sovereign rating. 

NEW INITIATIVE

Exim Bank operationalised a new development initiative christened as ‘Ubharte Sitaare Program’. The Programme identifies Indian companies that are future champions with good export potential. The initiative was announced by the Hon’ble Finance Minister in the Union Budget speech on February 01, 2020. During FY 2020-21, Exim Bank has sanctioned support to five companies amounting to ₹ 96.18 crore. These sanctions were spread across sectors including defence drones, agriculture technology, pharmaceuticals, and plastic recycling. Amidst the pandemic, the Bank has been able to operationalise various activities under the programme including stakeholder consultations with banks, industry associations and leading academia such as IITs, IIMs, IISc Bangalore for developing a collaborative approach for identification of eligible companies, and guidance for technical advisory services. A pipeline of more than 100 companies has been developed across various sectors.

EXPORT FACILITATION

Exim Bank conducted 22 seminars/workshops for exporters, with themes broadly classified into export capability creation, business opportunities, industry, country & region focus, and export potential of Indian states. Due to the pandemic, most of these seminars were conducted on virtual platforms.

Exim Bank, under its grassroots initiatives, has been supporting and assisting rural artisans, craftsmen and farmers to widen their domestic as well as international presence by organizing design, skill-building and training workshops. Some of these programmes organised during the year were for tribal artisans of Anwesha Tribal Arts and Crafts in Bhubaneswar; weavers of Urmul Marusthali Bunkar Vikas Samiti in Phalodi (Rajasthan); and grape farmers in Nashik.

Exim Bank assists Indian firms in their globalization efforts by locating overseas distributors / buyers / partners for their products and services, on a success fee basis. During FY 2020-21, the Bank signed mandates from four companies, engaged in oil extraction, customized plastic parts, fabrics and auto components.

ADVISORY AND CONSULTANCY SERVICES

Exim Bank and the United Nations Development Programme (UNDP) are jointly implementing a project on 'Capacity Building of MSMEs in North East India for Export Competitiveness'. The initiative aims at creating stronger MSMEs in the North East region to boost exports. Some of the key initiatives under this project during FY 2020-21 include conducting studies to identify the issues faced by MSMEs due to COVID-19, organizing buyer-seller meetings, capacity building and technical training programmes in organic farming, textiles, handloom, and handicraft sectors, setting up knowledge platform under “AgroLoomCraft” database for entrepreneurs to understand the benefits offered by various government departments, etc. A notable example of the capacity building programmes is the skill upgradation programme organized for weavers of Aizawl, especially for producing PPE kits, which are being supplied to various government organizations in the region. 

Exim Bank has been engaging with various state governments to evaluate export performance and making strategies for development of their trade competitiveness. In FY 2020-21, the Bank undertook studies for the States of Karnataka and Kerala. The Bank also provided inputs to the Niti Aayog for the preparation of the Export Preparedness Index, which was released in August 2020. The Index examines export preparedness and performance of Indian states and intends to identify challenges and encourages a facilitative regulatory framework at the state level. 

COVID-19 RELIEF & OTHER INITIATIVES

In June 2020, the Corporate Social Responsibility (CSR) policy for Exim Bank was implemented. During FY 2020-21, 12 projects / programmes in six states and one UT were sanctioned in the areas of Covid-19 relief, education, healthcare & sanitation, and skill development & livelihood activities. 

CSR activities undertaken for COVID-19 relief during FY 2020-21 include supply of ICU ventilator in sub-district hospital in Sangli (Maharashtra); distribution of PPE kits, N95 masks, disposable gloves, gowns, sanitizers and face shields to health workers in various hospitals in Mumbai; distribution of basic hygiene kits to 100 families for 3 months in Raigad (Maharashtra); distribution of face masks to MCGM’s health workers; and distribution of immunity boosting honey from a social enterprise, Under The Mango Tree, to the police women of Mumbai Police.

Some of the notable projects being implemented under CSR include support for hospitals in Barpeta and Ranchi; medical equipment for Government District Hospital in Sirohi (Rajasthan); enhanced facilities for medical care to neonates from the tribal communities of Dahanu and Talasari areas of Palghar (Maharashtra); construction of all-weather toilets and common facility in Ladakh; construction of additional block in Mahatma Gandhi High School, in Sriperumbudur; supporting the education of 41 girl children of ex-servicemen for one year; and training of disabled persons in the fields of art and craft across five cities in India.

The Bank in association with the Tata Memorial Hospital organised blood donation drives in Mumbai. A tree plantation drive by the officers of the Bank was organised near Pune during FY 2020-21. 

For more information, please contact: Mr. David Sinate, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005; Phone +91-22-22172829; E-mail: ccg@eximbankindia.in.

India must return to a more liberal trade policy regime: Prof. Arvind Panagariya

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A discerning audience from across the globe, interested in topics of international trade and economics, participated in an engaging discourse on Friday, March 19, 2021, as one of the leading global thinkers on trade policy delivered India Exim Bank’s 36th Commencement Day Annual Lecture (CDAL). Prof. Arvind Panagariya, Professor of Economics and the Jagdish Bhagwati Professor of Indian Political Economy at Columbia University spoke on the topic India’s Trade Policy: Past, Present and Future. 

Presenting a historical perspective, Prof. Panagariya said that at independence, India chose a policy of self-sufficiency whereby it set the objective of independence from world markets for the sale of what it produced and purchase of what it needed. Pursuit of this objective alongside that of building a socialistic pattern of society in which the state would play progressively greater role in the production activity and the allocation of private investments would be determined by priorities set by the national government instead of being guided by profit opportunities led to economic inefficiencies. 

He remarked that from 1950 to 1990, India lost out the race for prosperity to such countries as South Korea, Taiwan, Singapore and eventually China.  In 1991, India finally broke away from its past and unleashed an era of trade liberalization and pro-market reforms. The change produced handsome results with growth accelerating first to 6% and then, beginning in 2003-04, to 7.5% on a sustained basis.

Commenting on the present international trade policy of India, Prof. Panagariya said that India harbours the ambition to achieve double-digit growth and has undertaken some very difficult reforms to achieve this ambition. Yet, in trade policy, it has turned inward once again emphasizing on import substitution.  This switch in trade policy threatens to undo some of the gains expected from the difficult reforms it has undertaken and dent its ability to achieve double-digit growth.

Looking to the future, India must return to a more liberal trade policy regime if it is to succeed in achieving its ambition to bring genuine prosperity to most of its people in less than two decades. Otherwise, like many early industrial economies, such as the United Kingdom, Germany, France and the United States, Indians will have to wait a lot longer to break out of its current low per-capita income.  

Moderating the Lecture, India Exim Bank’s Managing Director, Mr. David Rasquinha said, “Starting in 1986, CDAL has today evolved into a very important public Lecture by an eminent economist on a relevant topic related to economics or international trade. Due to the pandemic, CDAL was organized in the virtual format this year which took it to a larger number of audiences from many countries.  Many luminaries have delivered the Lecture in the past. The last three speakers at CDAL were Prof. Gita Gopinath (Professor at Harvard University and presently Chief Economist at IMF, in 2018), Prof. Abhijit Banerjee (Professor at MIT, in 2019) and Prof. Helene Rey (Professor at the London Business School, in 2020). It is indeed a privilege for us that Prof. Panagariya could deliver the 36th CDAL, on a topic which is becoming increasingly relevant, especially for the policy makers.”

For more information, please contact Mr. David Sinate, Chief General Manager, Corporate Communications Group, dsinate@eximbankindia.in, +9122-22172829

 

India Exim Bank forecasts India’s merchandise exports for the fourth quarter of FY2021 to amount to US$ 78.6 bn, while India’s non-oil exports to amount to US$ 73.9 bn, witnessing a positive growth

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Export-Import Bank of India (India Exim Bank) forecasts India’s total merchandise exports to amount to US$ 78.6 bn, growing at 4.9%, and non-oil exports to amount to US$ 73.9 bn, growing at 12%, during the fourth quarter of 2020-21, as compared to US$ 74.9 bn and US$ 65.9 bn, respectively, for the corresponding quarter of the previous year.  Consequently, aggregate exports for 2020-21 are forecast to amount to US$ 279.4 billion, witnessing a contraction of 10.8% over 2019-20. Non-oil exports are forecast to amount to US$ 256.8 billion, witnessing a contraction of 5.6% over 2019-20.The fall in India’s exports of petroleum products could be attributed largely to the global slump in demand and especially in the transportation and logistics sectors. Considering the global contraction in trade due to pandemic, Non-Oil exports from India has been resilient. Despite serious disruptions and logistical constraints exports from India have remained upbeat. 

Forecast of growth in India’s total merchandise exports and non-oil exports are released by India Exim Bank on a quarterly basis, during the first week of the months of June, September, December, and March for the corresponding quarters, with continuous improvisation to the model. The forecasts are based on India Exim Bank’s Export Leading Index (ELI) Model, which has shown an upward movement during the same quarter. The next growth forecast for India’s exports for the quarter April-June 2021 would be released during the first week of June 2021.

The model and the forecast results have been reviewed by a standing technical committee of domain experts comprising Professor Saikat Sinha Roy, Professor & Coordinator, Centre for Advanced Studies, Department of Economics, Jadavpur University, Kolkata; Dr. Sarat Dhal, Director, Department of Economic and Policy Research, Reserve Bank of India, Mumbai; Professor N. R. Bhanumurthy, Vice Chancellor, BASE University, Bengaluru; and Professor C. Veeramani, Professor, Indira Gandhi Institute of Development Research (IGIDR), Mumbai.

As part of its continued research initiatives, Exim Bank had developed an in-house model to generate an Export Leading Index (ELI) for India to track and forecast the movement in India’s exports on a quarterly basis.The ELI gauges the outlook for the country’s exports and is essentially developed as a leading indicator to forecast growth in total merchandise and non-oil exports of the country, on a quarterly basis, based on several external and domestic factors that could impact exports of the country.

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For further information, please contact:

Mr. David Sinate, Chief General Manager/ Dr. Viswanath Jandhyala, Assistant General Manager, Research & Analysis Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai – 400005; T: +91-22-2286 0363/ 0310/ 0311

E: dsinate@eximbankindia.in/ viswanath@eximbankindia.in
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Disclaimer: The results presented above could be of interest to policy makers, researchers, and exporters among others.  These are growth forecasts from the Research and Analysis Group of India Exim Bank and do not necessarily reflect the views of India Exim Bank.  The growth forecast for the quarter derived from the Export Leading Index (ELI) model may be subject to commodity price volatility, uncertainties in the global economy mainly driven by the global pandemic.The model would undergo continuous improvisation with revision of recent available data and advanced forecasting methodology, incorporating comments, suggestions and feedback from various quarters. Actual exports data are sourced from RBI’s Database on Indian Economy.