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Export-Import Bank of India (India Exim Bank) forecasts India’s total merchandise exports to consistently remain above US$ 100 bn for the fourth consecutive quarter (January-March) of FY2023, amounting to US$ 110.9 bn, while non-oil exports are forecast to amount to US$ 87.7 bn during the same period. India’s exports could be shadowed by deepening global energy crisis, tighter global monetary and financial conditions, continued slowdown in select major trade partners and continued uncertainty around the Russia Ukraine conflict.  Despite a contraction in exports during the last two quarters of the current financial year, India is expected to witness all-time record high merchandise exports of US$ 447.3 bn during FY2023.  Non-oil exports are forecast to clock US$ 350.5 bn for the full year.  

Forecast of growth in India’s total merchandise exports and non-oil exports are released by Exim Bank on a quarterly basis, during the first fortnight of the months of June, September, December, and March for the corresponding quarters, with continuous improvisation to the model. The next growth forecast for India’s exports for the 1st quarter of FY 2024 (i.e. April-June 2023) would be released during the first fortnight of June 2023.

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 has 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.  

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, 
8th Floor, Maker Chamber IV, 
Jamnalal Bajaj Marg, 
Nariman Point, 
Mumbai 400 021; 
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 deepening global energy crisis, tighter global monetary and financial conditions, continued slowdown in select major trade partners and continued uncertainty around the Russia Ukraine conflict.  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.

Ms. Harsha Bangari, Managing Director, Export-Import Bank of India, at the Listing Ceremony for USD 1 billion Sustainability Bond, in the presence of Dr. Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, Government of India, and Shri Injeti Srinivas, Chairperson, International Financial Services Centres Authority (IFSCA).

The Listing Ceremony for India Exim Bank’s maiden USD 1 billion, 10-year Sustainability Bond under its Environmental Social Governance (ESG) Framework was held on March 03, 2023, at India INX, GIFT IFSC, by Ms. Harsha Bangari, Managing Director, and Shri Tarun Sharma, Chief Financial Officer of India Exim Bank, in the presence of Dr. Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, Government of India, and Shri Injeti Srinivas, Chairperson, International Financial Services Centres Authority (IFSCA).

On January 10, 2023, India Exim Bank successfully issued its maiden 10-year Sustainability Bond of USD 1 bn in the 144A/Reg-S format, under its ESG Framework. With this issuance, India Exim Bank became the first Indian issuer to open the markets for dollar and sustainability bond issuances in 2023. On the back of a strong start to the year and a constructive market, India Exim Bank capitalised on the strong demand, with an intraday execution and initial price guidance tightening of 30 bps to end at CT10+190 bps, inside of its secondaries and at par with the fair value point on the curve. In terms of geographic distribution, the bonds were well distributed, with 39% in EMEA region, 32% in APAC and 29% from the USA. In terms of distribution, the bonds were distributed to high quality investors with around 70% distributed to fund and asset managers, 12% to Banks, and 10% to Sovereign Wealth Funds, followed by insurance/pension corporations, private banks and others.

Speaking on the occasion, Dr. Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, Government of India, said “The Government of India’s vision for GIFT-IFSC is aligned with the vision of Aatmanirbhar Bharat, thus making India a global financial hub. Today, having the listing ceremony of India Exim Bank’s maiden USD 1 billion 10-year Sustainability Bond, itself is testimony towards our commitment to strengthen the role of India INX and the GIFT-IFSC, in India’s climate action goals.” 

Shri Injeti Srinivas, Chairperson, IFSCA said, “We are pleased to note that India Exim Bank has listed their USD 1 billion sustainability bond on India INX. The capital raised by India Exim Bank, amongst other things, will be used for financing green and social projects in developing countries, thus strengthening India’s role in driving capital flows and capacity building in the area of sustainable finance in the Global South. This issuance is in line with the IFSCA’s objective to mobilize sustainable finance through GIFT IFSC.”

Ms. Harsha Bangari, Managing Director of India Exim Bank, said, “We are delighted to open the debt market for Indian issuers with our maiden benchmark-sized sustainability bond under our ESG Framework. This issuance showcases our strong commitment towards sustainable financing both in India and partner developing countries, and to align ourselves with the global best practices. India INX has been a pivotal platform for our bonds, and it makes us proud to say that India Exim Bank is cumulatively the largest bond issuer listed on India INX. Today’s ceremony is indeed very special to us, as it is the first time we are having the Listing Ceremony at the India INX GIFT city.”  

Shri Tarun Sharma, Chief Financial Officer, India Exim Bank, added “India Exim Bank has been actively monitoring the market for an issuance opportunity. The quasi-sovereign nature of the Bank, EMBIG index eligibility of the bonds, and the commitment towards sustainable financing garnered significant interest from marquee investors, with a peak orderbook of 3.7X. India Exim Bank’s 2033 Sustainability Bond effectively reopened the G3 market for Indian issuers after nine months since last issuance in March 2022. India Exim Bank has consistently worked towards enhancing its ESG initiatives, along with transparency and communication with its stakeholders. With facilities comparable to leading international finance centres, we look forward to continue listing at the India INX and play a pioneering role towards the development of the Exchange”.

Commenting on the listing, Mr. Arunkumar Ganesan, Chief Business Operations and Listing at India INX said “We are pleased to welcome on our exchange the largest sustainability bond issuance of USD 1 bn by India Exim Bank. GIFT IFSC is emerging as a preferred destination for raising of capital for sustainability and with strong partners such as India Exim Bank, who have from the very inception supported the cause of IFSC, we are positive that IFSC shall emerge as a gateway for mobilizing foreign capital towards green financing and sustainable financing in India. With this, the total bonds listed on India INX are now over USD 50 bn. We congratulate India Exim Bank on their success and look forward to a very healthy pipeline of Indian issuers in the current year”.

The net proceeds of Sustainability Bond will be used towards eligible projects under the Bank’s ESG Framework that are aligned to select Green and Social categories in Framework, including renewable energy; clean transportation; access to essential services and basic infrastructure; affordable housing; and sustainable water and wastewater management. The annual reporting of the use of proceeds under the Sustainability Bond would be subject to External Verification.

Barclays, Bank of America, Citigroup, HSBC, J.P. Morgan, MUFG, and Standard Chartered acted as Joint Lead Managers and book runners for the offering. India Exim Bank has been rated as ‘Baa3 (Stable)’ by Moody’s, ‘BBB- (Stable) by S&P and ‘BBB- (Stable)’ by Fitch, same as the rating of Government of India.

For further information, please contact
Mr. Tarun Sharma
Chief Financial Officer
Export-Import Bank of India
Centre One Building, Floor 21
World Trade Centre Complex
Cuffe Parade
Mumbai 400005
Telephone +91-22-22172601
E-mail: tag@eximbankindia.in

Mumbai, February 27, 2023: Export-Import Bank of India (India Exim Bank) and RBL Bank  have concluded a Confirming Bank Agreement in Mumbai on February 27, 2023, in the presence of Ms. Harsha Bangari, Managing Director, India Exim Bank and Mr. R Subramaniakumar, MD & CEO, RBL Bank, thereby onboarding RBL Bank Ltd. under India Exim Bank’s Trade Assistance Programme (TAP).

Trade finance is a critical element for cross-border trade, and in many cases the movement of goods across borders, particularly in emerging markets, cannot occur without it. However, trade finance remains vulnerable to economic crises despite being a low-risk asset class. In sync with the global trade demands and the growing need after the onset of the pandemic, there has been a need for a more robust trade finance programme.  

With this backdrop, India Exim Bank has developed a new trade facilitation initiative Trade Assistance Programme (TAP). Under TAP, India Exim Bank provides support through credit enhancement to trade instrument(s), thereby enhancing the capacity of commercial banks/financial institutions to support cross-border trade transactions involving markets where trade lines are constrained or where the potential has not been harnessed, and transactions may not materialise in the absence of such support. 

Speaking on the occasion, Ms. Harsha Bangari, Managing Director, India Exim Bank  said “ We are pleased to partner with RBL Bank and on-board them on India Exim Bank’s Trade Assistance Programme, to support cross border trade transactions. Under the programme, India Exim Bank has already supported multiple trade transactions covering a wide range of sectors including agriculture, automotive and automotive parts, capital and engineering goods, food, iron & steel and textiles involving exports to geographies in Africa, Asia and Latin America.”

Mr. R Subramaniakumar, MD & CEO, RBL Bank said, “We are happy to partner with India Exim Bank. We believe that our customer-centric approach backed by strong technological offering will be amplified aptly through India Exim Bank’s global network. The financing structure of this arrangement provides us with an opportunity to offer trade services in untapped markets while lowering the risks associated with global trade.”

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.

About RBL Bank

RBL Bank is one of India’s leading private sector banks with an expanding presence across the country. The Bank offers specialized services under five business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Retail Assets and Treasury and Financial Markets Operations. It currently services over 12 million customers through a network of 516 branches; 1,168 business correspondent branches (of which 298 banking outlets) and 413 ATMs (total customer touchpoint 2,097) spread across 28 Indian states and Union Territories

RBL Bank is listed on both NSE and BSE (RBLBANK).

Media enquiries

India Exim Bank
Rupesh Kumar Sharma
Deputy General Manager
Tel: +91-22-22172693
E-mail: tap@eximbankindia.in

Be a part of the grandest celebration of arts, crafts & creativity from 4th to 12th February, 2023.

Asia’s biggest cultural festival & India’s largest multi-cultural extravaganza is back on-ground 60+ artisans from India supported by Exim Bank to exhibit their art. 

Mumbai, 2 February 2023: India Exim Bank partners with the iconic annual Kala Ghoda Arts Festival of Mumbai being held from 4th to 12th February this year. More than 60 artisans supported by India Exim Bank over a decade though capacity building, product placements and marketing advisory, will be exhibiting and selling their unique traditional art forms from India. Uniquely themed Past <> Forward, the festival will also host a myriad of programmes across 14 verticals – Dance, Music, Visual Arts, Theatre, Literature, Food, Children’s Literature & Workshops, Cinema, Heritage Walks, Stand Up Comedy, Street Art, Urban Design & Architecture, Visual Arts and Workshops – at more than 15 iconic venues.

Speaking about the festival, Brinda Miller, Hon. Chairperson, Kala Ghoda Association shared, 

“The Kala Ghoda Arts Festival is a vibrant example of what can be achieved through community collaboration. It is a festival for the people and by the people. We are very excited that the city’s beloved festival will be back on ground after a gap of two years. Much has changed in this time, and our theme Past <> Forward is an ode to our legacy of 22 years while designing a festival of the future. It is indicative of the gradual emergence from a period of inactivity to an era heralding positivity, change and progress. Each year, individuals and enterprises across the country come together to make this celebration possible, and this year is no different. We are glad to have India Exim Bank on board as our partner as we share common values of promoting Indian arts and crafts. The collaboration will surely result in synergies providing a boost to the rural artisans and grassroots enterprises.”

Highlighting the collaboration with the Kala Ghoda Arts Festival, Ms. Harsha Bangari, Managing Director, India Exim Bank, said “India’s exports of creative industry stood close to USD 143 billion in 2021 and the creative economy provides employment and supports the MSME sector. Staying true to our commitment of promoting Indian traditional arts and crafts and giving them a global platform, we are proud to associate with the Kala Ghoda Arts Festival. This association shall give the rural artisans a direct market access, enable them to understand consumer preferences, improve their understanding of the industry and help them discover latest trends.”

Artisans from Andhra Pradesh, Uttar Pradesh, West Bengal, Rajasthan, Maharashtra, Delhi, Karnataka, Kashmir, Tamil Nadu, Gujarat and Madhya Pradesh will be present in the exhibition. Some of the participating artisans and weavers who are exhibiting their diverse range of skills, talents and techniques are national and state awardees.

Art forms such as Madhubani paintings, leather puppetry, Warli paintings, Pichwai paintings, Phulkari embroidery, Pattachitra paintings, Phad paintings, Banarasi silk fabrics, lac bangles, Kawad paintings, Kalamkari paintings, Chanderi weaving, ceramic pottery, bidri art among others are on display and available for sale at this exhibition.

India Exim Bank assists artisans, master craftsmen, weavers, clusters, self-help groups, NGOs, grassroots and micro enterprises through capacity building, participation at trade fairs and exhibitions both in India and overseas and sourcing overseas buyers and distributors, under its Grassroots Initiatives and Development and Marketing Advisory Services programmes. The assistance under these programmes has enabled financial empowerment, employment generation and promotion of entrepreneurship among individual artisans, and ensuring the survival of century old traditional handicraft and handloom products and sustenance of the traditional heritage of Indian crafts. 

The Kala Ghoda Arts Festival is hosted by the Kala Ghoda Association that was formed in 1998 with the aim of maintaining and preserving the heritage of the Kala Ghoda area – South Mumbai’s beloved art district. The Kala Ghoda district is renowned for the rich concentration of heritage buildings, art and cultural spaces, such as museums, art galleries, boutiques, restaurants and educational institutions. The precinct attracts food connoisseurs, fashion designers, architecture enthusiasts among a host of creative talent. The constant bustle of heritage afficionados is an ode to the rich legacy of the precinct. With the aim of promoting arts, crafts and cultural heritage in the precinct, all funds raised from the Festival every year are directed towards the restoration efforts undertaken by the Association in the precinct.

For further information, please contact:
Ms. Deepali Agrawal
Chief General Manager – Corporate Communications, Export-Import Bank of India
21st Floor, Centre One Building, World Trade Centre Complex, Cuffe Parade, Mumbai 400005
Ph: +91-22-22172700; E-mail: ccg@eximbankindia.in 

India Exim Bank has successfully issued a 10-year Sustainability Bond of US$ 1 bn in the 144A/Reg-S format on January 10, 2023, under its Environmental Social Governance (ESG) Framework. This issuance makes India Exim Bank the first Indian issuer to open the markets for dollar and sustainability bond issuances in 2023. On the back of a strong start to the year and a constructive market, India Exim Bank capitalised on the strong demand, with an intraday execution and initial price guidance tightening of 30 bps to end at CT10+190 bps, inside of its secondaries and at par with the fair value point on the curve. 

In terms of geographic distribution, the bonds were well distributed, with 39% in EMEA region, 32% in APAC and 29% from the USA. In terms of distribution, the bonds were distributed to high quality investors with around 70% distributed to fund and asset managers, 12% to Banks, and 10% to Sovereign Wealth Funds. Followed by insurance/pension corporations, private banks and others.

Barclays, Citigroup, HSBC, J.P. Morgan, MUFG, Standard Chartered and Bank of America acted as Joint Lead Managers and book runners for the offering. India Exim Bank has been rated as ‘Baa3 (Stable)’ by Moody’s, ‘BBB- (Stable) by S&P and ‘BBB- (Stable)’ by Fitch, same as the rating of Government of India.

Speaking on the occasion, Ms. Harsha Bangari, Managing Director of India Exim Bank, said, “We are delighted to open the debt markets for Indian issuers with our maiden benchmark-sized sustainability bond under our ESG Framework. This issuance makes India Exim Bank the largest ever single tranche IG ESG issuer out of India. This USD 1 bn issuance is testimony to our commitment towards sustainable financing both in India and partner developing countries, and to align ourselves with the global best practices.”

“India Exim Bank has been continuously monitoring the market for a possible issuance window. The quasi-sovereign nature of the Bank, EMBIG index eligibility of the bonds, and the commitment towards sustainable financing garnered significant interest from marquee investors, with a peak orderbook of 3.7X. Given the swift build to the book and the large book size, we elected to move quickly to achieve a significant price tightening by 30 bps from the initial guidance”, added Shri Tarun Sharma, Chief Financial Officer, India Exim Bank.

The net proceeds of Sustainability Bond will be used towards eligible projects under the Bank’s ESG Framework that are aligned to select Green and Social categories in Framework, including renewable energy; clean transportation; access to essential services and basic infrastructure; affordable housing; and sustainable water and wastewater management. The annual reporting of the use of proceeds under the Sustainability Bond would be subject to External Verification.

India Exim Bank has consistently worked towards enhancing its ESG initiatives, along with transparency and communication with its stakeholders. The Bank has in place an ESG Framework, to issue green, social, or sustainable bond / loans. Further, the Bank also strengthened its Board-approved ESG Policy – ‘Environment, Social and Governance Policy of the Bank for Sustainable Development / Responsible Financing’ last year.

India Exim Bank has pioneered the market, in its commitment towards sustainable financing. India Exim Bank’s 2033 Sustainability Bond effectively reopened the G3 market for Indian issuers after nine months since last issuance in March 2022. Further, the Bank had also launched India’s first USD-denominated 5-year Reg-S Green Bond in March 2015. This was also the first benchmark-sized Green bond out of Asia in that year, which matured in April 2020. In 2019, the Bank issued its first ever USD-denominated Socially Responsible Bond.

For further information, please contact
Mr. Tarun Sharma
Chief Financial Officer
Export-Import Bank of India
Centre One Building, Floor 21
World Trade Centre Complex
Cuffe Parade
Mumbai 400005
Telephone +91-22-22172601
E-mail: tag@eximbankindia.in

Export-Import Bank of India (Exim Bank) forecasts India’s total merchandise exports to remain above US$ 100 bn (US$ 100.5 bn) during the third quarter (October-December) of FY2023, notwithstanding some y-o-y contraction (5.9% over the corresponding quarter of the previous year). Non-oil exports are forecast to amount to US$ 80.5 bn during the said period, (contracting by 9.7% over the previous year). India’s exports could be shadowed by deepening global energy crisis, tighter global monetary and financial conditions, continued slowdown in select major trade partners and continued uncertainty around the Russia Ukraine conflict.  While a negative growth is likely to be witnessed during the first two months of the quarter, however due to recent domestic policy changes and envisaged improvement in the external environment, there could be a recovery in India’s exports in the coming months.   

Forecast of growth in India’s total merchandise exports and non-oil exports are released by 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 next growth forecast for India’s exports for the 4th quarter of FY 2023 (i.e. January-March 2023) would be released during the first week of March 2023.

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 has 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.  

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,
8th Floor, Maker Chamber IV,
Jamnalal Bajaj Marg, Nariman Point,
Mumbai 400 021;
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 deepening global energy crisis, tighter global monetary and financial conditions, continued slowdown in select major trade partners and continued uncertainty around the Russia Ukraine conflict.  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.

Mumbai, November 28, 2022 – Export-Import Bank of India (India Exim Bank) has signed a Master Agreement with RXIL Global IFSC Ltd. (RXIL Global), a subsidiary of Receivables Exchange of India Limited (RXIL), to finance exports receivables through the ITFS platform situated in GIFT City in Gandhinagar, Gujarat on November 28, 2022.  The agreement was signed by Mr. N Ramesh, Deputy Managing Director of India Exim Bank and Mr. Ketan Gaikwad, Managing Director & CEO, of RXIL.  ITFS is an initiative of the Government of India to build an electronic platform for facilitating trade financing for exporters and importers by providing access to multiple financiers. This platform shall play an important role in arranging credit for exporters & importers from global institutions through amongst others, Factoring and other trade financing services at a competitive cost.

With the signing of this Agreement, India Exim Bank will be able to offer Factoring and other trade finance products to Indian companies, with an enhanced reach to MSMEs.  India Exim Bank will also participate in sandbox transactions of the RXIL’s platform.

On this occasion, Ketan Gaikwad, MD & CEO of RXIL said, “India Exim Bank is a premier institution and has played a key role in promoting and financing India’s exports. India Exim Bank partnering with RXIL Global is a welcome step and will certainly help in shaping ITFS platform for export credit to Indian cross border trade.”

“We look forward to financing exporters, through RXIL Global’s ITFS platform, leveraging on RXIL’s expertise in TReDS. India Exim Bank’s participation in the ITFS platform is in line with the Government of India’s focus on increasing exports and supporting MSMEs” said Mr. N Ramesh, Deputy Managing Director of 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. India Exim Bank’s range of programmes have helped Indian enterprises become competitive and develop a global footprint.

RXIL Global is a subsidiary of Receivables Exchange of India Ltd. (RXIL) that aims to become an integrated provider of financing opportunities for supporting the growth and development of Indian and global enterprises in unleashing their full potential towards global trade and commerce.

RXIL Global’s International Trade Financing Services (ITFS) platform developed under the aegis of IFSCA is focused at tapping global financing opportunities and liquidity to meet India’s development needs and provide a competitive platform for full range of financial services through multiple financiers participating around the globe.

For further information, please contact: 
India Exim Bank
Mr. T D Sivakumar
General Manager
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400005, India
Tel: +91-22-2217 2600
E-mail: sivakumar@eximbankindia.in

RXIL Global IFSC Ltd.
Mr. Ketan Gaikwad
Director
Unit No. 419/Cabin No.5, 
4th Flr, PRAGYA Bldg No. 15A, 
Road 11, Zone 1, GIFT City Gandhinagar 
Gujarat 382355 Maharashtra 
Tel: +91-22-6903 3000
E-mail: ketan.gaikwad@rxil.in

Release of Export-Import Bank of India’s joint research study with the Caribbean Export Development Agency titled, “Enhancing India-CARIFORUM Economic Relations and Prospects for Cooperation” at the hands of Mr Raju Sharma - Charge d'affaires High commission of India to Trinidad and Tobago and on the right is Mr Leo Naut - Deputy Executive Director - Caribbean Export Development Agency in the virtual presence of Mr. N. Ramesh, Deputy Managing Director, India Exim Bank at the “Caribbean Investment Forum” on November 11, 2022 in Trinidad and Tobago. 

Export-Import Bank of India’s (India Exim Bank) joint research study with the Caribbean Export Development Agency titled, “Enhancing India-CARIFORUM Economic Relations and Prospects for Cooperation” was released at the hands of Mr Raju Sharma - Charge d'affaires High commission of India to Trinidad and Tobago and on the right is Mr Leo Naut - Deputy Executive Director - Caribbean Export Development Agency in the virtual presence of Mr. N. Ramesh, Deputy Managing Director, India Exim Bank at “Caribbean Investment Forum” organized by Caribbean Export Development Agency and Caribbean Association of Investment Promotion Agencies (CAIPA)  in association with Ministry of Trade and Industry, Government of Trinidad and Tobago on November 11, 2022 in Trinidad and Tobago.

The study outlines opportunities that are present for both India and the Caribbean region in the areas of trade, investment and mutual cooperation. 

The study highlights that the Caribbean economies are characterized by high openness to trade and over the years, the trade between India and the Caribbean region has witnessed a robust growth.  From a meagre level of US$ 52.4 million in 2001, India and Caribbean trade witnessed a robust growth recording US$ 1.7 billion in 2021.  The study points out that India has huge potential to expand exports to the Caribbean in product categories such as refined petroleum, electronics, transport vehicles, cereals, optical instruments, animal or vegetable fats and oils, among others. 

India’s economic engagement with countries in the Caribbean region has remained below its true potential, mainly on account of factors such as geographical distance and connectivity, and size of individual economies.  With the Caribbean countries having numerous trade agreements with major global trade blocs, engagement with the region for India could prove to be a gateway to larger markets, besides the potential existing in the Caribbean region itself.

The study also presents an overview of investment framework in select Caribbean countries and highlights sectors such as creative industries, service industries, manufacturing, resort and hotel development, agriculture, ICT and business process outsourcing, logistics and transportation, renewable energy as priority sectors for attracting investments in the region. 

Some policy actions suggested in the study for improving economic relations between India and Caribbean are: increasing the coverage of trade and investment agreements, enhancing trade facilitation measures, undertaking proactive and targeted trade promotion activities, as well as boosting investment in infrastructure, promoting reforms in logistics sector, and enhanced diplomatic engagements by the way of increased missions/ embassies in Caribbean countries.  

For further information, please contact 
Mr. David Sinate
Chief General Manager
Research & Analysis Group
Export-Import Bank of India
Maker Chambers IV, Floor 8
Nariman Point, Mumbai – 400021, India 
Phone : +91 22 – 22860 333
E-mail : rag@eximbankindia.in 
Website : www.eximbankindia.in

Signing of the Issuing Bank Agreement by Mr. N Ramesh, Deputy Managing Director, India Exim Bank and Mr. Anand Naidoo, Managing Executive, Absa Bank Ltd. at Mumbai

Mumbai, November 10, 2022 – India Exim Bank has concluded Issuing Bank Agreement with Absa Bank Ltd. (ABSA), South Africa during a visit of a delegation from ABSA led by its Managing Executive, Mr. Anand Naidoo in Mumbai on November 10, 2022. The agreement was signed by Mr. N Ramesh, Deputy Managing Director of India Exim Bank and Mr. Anand Naidoo, thereby on-boarding ABSA on India Exim Bank’s new trade facilitation initiative, Trade Assistance Programme (TAP).

India Exim Bank, through its global network of offices and wide range of financial, advisory and capacity building activities, has strived to play a catalytic role, as a key player, in promoting India’s international trade and investment relations with partner countries, while contributing to the internationalisation endeavours of Indian business.

India Exim Bank has recently developed a new trade facilitation initiative Trade Assistance Programme (TAP). Under TAP, India Exim Bank provides support through credit enhancement to trade instrument(s), thereby enhancing the capacity of commercial banks/financial institutions in India to support cross-border trade transactions involving markets where trade lines are constrained or where the potential has not been harnessed. 

During the signing of the agreement, India Exim Bank’s Deputy Managing Director, Mr. N Ramesh highlighted that over the last few months, India Exim Bank has supported multiple trade transactions with several countries in South Asia, Africa, Latin America, etc. under the programme covering a wide range of sectors including agriculture, automotive parts, capital and engineering goods, food, iron & steel and textiles. With the increasing diversification of India’s global trade towards developing countries, African countries have emerged as significant trade partners for India. The conclusion of Issuing Bank Agreement with ABSA opens up opportunities to facilitate incremental trade between India and Africa. Such support towards trade facilitation would complement and strengthen the growing economic engagement between India and Africa. 

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.

About ABSA-Absa Bank Ltd.(ABSA), a wholly owned subsidiary of the Absa Group, offers a range of retail, business, wealth management, corporate and investment solutions to customers and clients across South Africa. Absa Group Ltd. is listed on the Johannesburg Stock Exchange and is one of Africa’s largest diversified financial services groups with a presence in 15 countries across the African continent, as well as offices in the United Kingdom and the United States. 

For further information, please contact: 
India Exim Bank
Mr. Pushpesh Tyagi  
Deputy General Manager
Export-Import Bank of India
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400005, India
Tel: +91-22-2217-2821 / 2600
E-mail: tap@eximbankindia.in 

Absa Bank Ltd.
Mr. Vinesh Kassen  
Principal, Corporate and Investment Banking
Absa Bank Ltd., South Africa
1st Floor, North Campus,
15 Alice Lane, Sandton,
Johannesburg, South Africa
Tel: +27-11-506-7796
E-mail: vinesh.kassen@absa.africa

Ms. Harsha Bangari, Managing Director administering the pledge in English

Mr. N. Ramesh, Deputy Managing Director administering the pledge in Hindi

As advised by the Central Vigilance Commission, Export-Import Bank of India (India Exim Bank) commenced the observance of Vigilance Awareness Week 2022 from October 31, 2022 to November 06, 2022. The Integrity Pledge was administered amongst employees using physical as well ase-platform by Ms. Harsha Bangari, Managing Director and Mr. N. Ramesh, Deputy Managing Director at the Bank’s Head Office. During the function held for administering the pledge, Bank’s Managing Director and Deputy Managing Director encouraged the employees to maintain the highest level of integrity and work unstintingly for eradication of corruption at workplaces and every sphere of life.

Signing of the Master Risk Participation Agreement by Mr. Vikramaditya Ugra, Chief General Manager, India Exim Bank and Mr. Chris Alderson, Global CoHead – Debt & Trade Solutions, First Rand Bank, at Johannesburg, in the presence of Mr. Silvino Augusto Jose Moreno, Minister for Industry and Commerce, Mozambique and Mr. Jaideep Sarkar, High Commissioner of India to South Africa.

Release of India Exim Bank’s study titled ‘Reinvigorating India’s Economic Engagements with Southern Africa’ by Mr. Silvino Augusto Jose Moreno, Minister for Industry and Commerce, Mozambique, Mr. Jaideep Sarkar, High Commissioner of India to South Africa and Ms. Busi Mabuza, Board Chairperson, Industrial Development Corporation of South Africa Limited, and Chair, BRICS Business Council, Ms. Anju Ranjan, Consul General of India in Johannesburg, and Mr Rajesh Sharma, Chairman & Managing Director, Ion Exchange (India) Ltd., Mr. Vikramaditya Ugra, Chief General Manager, India Exim Bank.

Johannesburg, October 31, 2022 - Export-Import Bank of India (India Exim Bank)has concluded a Master Risk Participation Agreement for supporting trade transactions with FirstRand Bank (FRB) Limited. The agreement was signed in Johannesburg on Monday on the sidelines of the India - Southern Africa Regional Conclave, in the presence of Mr. Silvino Augusto Jose Moreno, Minister for Industry and Commerce, Mozambique, Mr. Jaideep Sarkar, High Commissioner of India to South Africa and Ms. Busi Mabuza, Board Chairperson, Industrial Development Corporation of South Africa Limited, and Chair, BRICS Business Council.

FRB has a presence in Botswana, Eswatini, Ghana, Lesotho, Mozambique, Namibia, Nigeria, South Africa, Tanzania and Zambia, besides a representative office in Mumbai.The agreement opens financing avenues to support trade between India and Africa,aiming to strengthen the growing economic engagement between India and African nations.

The agreement has been signed under India Exim Bank’s latest trade facilitation initiative, the Trade Assistance Programme.Under this programme, India Exim Bank provides credit enhancement to trade instruments, thereby augmenting the capacity of commercial banks/financial institutions to undertake cross-border trade transactions involving markets where trade lines are constrained, or where the potential has not been harnessed.

Speaking on the occasion, India Exim Bank’s Chief General Manager, Mr. Vikramaditya Ugra, highlighted, “Over the last few months, India Exim Bank has supported multiple trade transactions under the programme, covering a wide range of sectors including agriculture, automotive parts, capital and engineering goods, food, iron & steel and textiles.”

India Exim Bank’s publication‘Reinvigorating India’s Economic Engagements with Southern Africa’ was also released at the Conclave.With the increasing diversification of India’s global trade towards developing countries, Southern African countries have emerged as significant trade partners for India.India Exim Bank finds substantial complementarity in India’s exports and the Southern African Custom Union (SACU)’s imports over the last decade.The study identifies products with strongexport potential from India to SACU. A Preferential Trade Agreement is expected to ease the trade hurdles between India and SACU, leading to overall increase in India’s trade and investment with SACU and with the broader region of the Southern African Development Community (SADC). As new trade and investment partnerships are forming across the world, the study highlights the necessity of India and Southern African countries to forge mutually beneficial collaborations in several areas of interest.

For further information, please contact:

Mr. Pushpesh Tyagi

Deputy General Manager

Export-Import Bank of India

Centre One Building, Floor 21,

World Trade Centre Complex, Cuffe Parade,

Mumbai 400005, India

Tel: +91-22-2217-2821 / 2600

E-mail: tap@eximbankindia.in

Mr. Sanjay Choudhary

Resident Representative

Export-Import Bank of India,

Atrium on 5th, 2nd Floor, Tower East,

Sandton City, Sandton 2196,

Johannesburg, S.A

Tel: +27 11 3265113/103

E-mail: eximjro@eximbankindia.in

 Dhaka, October 21, 2022 - Export-Import Bank of India (India Exim Bank)during October 16-17, 2022, concluded Issuing Bank Agreementswith 5 Bangladeshi Banks viz., Mutual Trust Bank Ltd., Dhaka Bank Ltd., Bank Asia Ltd., Midland Bank Ltd. and Shahjalal Islami Bank under India Exim Bank’s new trade facilitation initiative, Trade Assistance Programme (TAP). 

India Exim Bank, through its global network of offices and wide range of financial, advisory and capacity building activities, has strived to play a catalytic role, as a key player, in promoting India’s international trade and investment relations with partner countries, while contributing to the internationalisation endeavours of Indian business. 

With this backdrop, India Exim Bank has developed a new trade facilitation initiative Trade Assistance Programme (TAP). Under TAP, India Exim Bank provides support through credit enhancement to trade instrument(s), thereby enhancing the capacity of commercial banks/financial institutions to support cross-border trade transactions involving markets where trade lines are constrained or where the potential has not been harnessed. 

During the signing of the agreements, India Exim Bank’s Chief Financial Officer Mr. Tarun Sharma highlighted that over the last few months, India Exim Bank has supported multiple trade transactions with Bangladesh aggregating close toUSD 20mn covering a wide range of sectors including agriculture, automotive parts, capital and engineering goods, iron & steel and textiles  . The conclusion of Issuing Bank Agreements with the above 5 banks opens up more opportunities to support trade between the countries and enable these banks to establish working relationship with wider number of commercial banks in India. 

India Exim Bank also organised an interactive session on TAP in Dhaka on October 17, 2022, to brief the partner banks about the objective, process flows and documentation. The session was attended by around 50 bankers from local banks in Bangladesh. The Team highlighted the following key offerings of TAP covering economies across Asia, Africa and Latin America: (a) Support to Trade Finance Instruments; (b) Irrevocable Reimbursement Undertaking; (c) Fronting Guarantees / Issuance of Counter Guarantees; and (d) Risk Participation. 

Such support towards trade facilitationwould complement and strengthenthe growing economic engagement between India and Bangladesh. India Exim Bank has, on behalf of the Government of India, extended four Lines of Credit [LOCs] aggregating USD 7.862 billion to the Government of the People’s Republic of Bangladesh, for financing 42 developmental projects in Bangladesh. India Exim Bank has also extended a term loan of USD 1.60 billion for 2X660MW Maitree Super Thermal Power Project, which is expected to generate significant development outcomes including improved industrial output due to better power availability in Bangladesh. 

For further information, please contact:
India Exim Bank
Mr. Pushpesh Tyagi
Deputy General Manager
Export-Import Bank of India
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400005, India
Tel: +91-22-2217-2821 / 2600
E-mail: tap@eximbankindia.in 

Mr. Priyanshu Tiwari
Resident Representative
Export-Import Bank of India,
|Modhumita Plaza Concord,
Floor 12, Plot No. 11, Road No. 11, Block G, Banani,
Dhaka, Bangladesh
Tel:+880-2-5504-2444

Presentation of India Exim Bank International Economic Research Annual (IERA)Award 2021 by Mr. T.C.A Ranganathan, Former Chairman and Managing Director of Export-Import Bank of India and Dr. Aditya Bhattacharjea, Professor, Department of Economics, Delhi School of Economics, to the Award winner,Dr. Kanika Pathania in the presence of Dr. Anuradha Guru, Economic Adviser, Ministry of Corporate Affairs, and Ms. Harsha Bangari, Managing Director, Export-Import Bank of India at the Award Function held in New Delhi on October 06, 2022.  

New Delhi: October 06, 2022:Dr. Kanika Pathania was declared the winner of Export-Import Bank of India’s (India Exim Bank’s) International Economic Research Annual (IERA) Award 2021 for her doctoral thesis titled “Inverted Duty Structure and Effective Rate of Protection: Theoretical and Empirical Analyses”.IndiaExim Bank’s IERA Award 2021 was announced by Ms. Harsha Bangari, Managing Director, India Exim Bank, at an award function held on October 06, 2022, in New Delhi. The Award comprises prize money of 3.5 lakh and a citation.  The function was graced by Mr. T.C.A Ranganathan, Former Chairman and Managing Director, India Exim Bank, Dr. Aditya Bhattacharjea, Professor, Department of Economics, Delhi School of Economics, and Dr. Anuradha Guru, Economic Adviser, Ministry of Corporate Affairs, where the IERA Award2021 was presented to Dr. Pathania.India Exim Bank’s occasional paper based on Dr. Kanika Pathania’sAward-winning thesis was also released on the occasion.

On this occasion Mr. Ranganathan congratulated India Exim Bank for its continuous efforts to promote economics research in India. Dr.Bhattacharjea highlighted the broad policy implications of the Award-winningresearch, especially for developing economies like India. Dr Guru noted that the research study is very pertinent in the present scenario of increased emphasis on Free Trade Agreements (FTAs) and integration of India into the Global Value Chains.

Ms. Bangari, highlighted that the IERA Award, instituted in 1989, currently in its 33rd year, is given to Indian nationals for their outstanding doctoral dissertationsin the area of international economics, trade, development and related financing from Indian or foreign universities. 

The Winning Thesis

Dr. Kanika Pathania received her doctoral degree in 2021 from the Delhi School of Economics, University of Delhi, New Delhi. The thesis was written under the supervision of Dr. Aditya Bhattacharjea and Dr. Uday Bhanu Sinha, Delhi School of Economics, University of Delhi.

India Exim Bank’s IERAAward

India Exim Bank’s IERA Award represents the Bank’s ongoing efforts at promoting research and analysis in the area of international economics, trade & development and related financing. The Bank has opened entries for the 2022 edition of the Award.

To know more about the past winners and to apply for the IERA 2022, please visit:http://www.eximbankindia.in/iera-award

For further details please contact:
Mr. David Sinate, Chief General Manager,
Research & Analysis Group, Export Import Bank of India,
8th Floor, Maker Chamber IV, Jamnalal Bajaj Marg, Nariman Point, Mumbai – 400021, T: 91-22-22860310,
E-mail: dsinate@eximbankindia.in

H.E. Ibrahim Ameer, Minister of Finance, Government of the Republic of Maldives and Mr. Nirmit Ved, General Manager, Exim Bank signing the Line of Credit (LOC) Agreement of USD 100 millionfor financing developmental Projects in Maldives.

H.E. Ibrahim Ameer, Minister of Finance, Government of the Republic of Maldives and Mr. Nirmit Ved, General Manager, Exim Bank, exchangingthe LOC Agreement of USD 100 millionfor financing developmental Projects in Maldives,at a ceremony organised by the Ministry of Foreign Affairs, Government of the Republic of Maldives, in presence of Shri Vinay Mohan Kwatra, Foreign Secretary of India and Shri Ahmed Latheef, Foreign Secretary of the Republic of Maldives.

Export-Import Bank of India [Exim Bank], on behalf of the Government of India, has extended a Line of Credit [LOC] of USD 100 millionto the Government of the Republic of Maldives for the purpose of financing developmental projects.The LOC Agreement to this effect was signed in Male’, Maldives on Sunday, October 02, 2022by H.E. Ibrahim Ameer, Minister of Finance, Government of Republic of Maldives and Mr. Nirmit Ved, General Manager, Exim Bank.The LOC Agreement was exchanged at a ceremony organised by the Ministry of Foreign Affairs, Government of the Republic of Maldives,in presence of Shri Vinay Mohan Kwatra, Foreign Secretary of India and Shri Ahmed Latheef, Foreign Secretary of the Republic of Maldives. 

With the signing of the above LOC Agreement, Exim Bank, till date, has extended 6 (Six) 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 1.43 billion. Projects covered under the LOCs extended to the Government of Republic of Maldives include Greater Male’ Connectivity Project, Water & Sewerage Projects, Addu Development Project, International Cricket StadiumProject, Defence projects,Gulhifalhu Port Project, Hanimaadhoo Airport Project, Gan Airport Project, Fisheries Project, Road Construction Project and Sports Infrastructure.

For further information, please contact
Mr. Nirmit Ved, 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

Export-Import Bank of India (Exim Bank) forecasts India’s total merchandise exports to amount to US$ 114.4 bnduring the second quarter (July-September) of FY2023, growing at 11.4% over the corresponding quarter of the previous year. Non-oil exports are forecast to amount to US$ 91.7 bn during the said period, growing at 5.4%over the corresponding quarter of the previous year.  The rise in India’s exports could be shadowed by softening global commodity prices, possible slowdown in major trade partners, along with inflationary pressures and tight monetary policiesaround the world. 

Forecast of growth in India’s total merchandise exportsand non-oil exports are released by 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 next growth forecast for India’s exports for the 3rdquarter of FY 2023 (i.e.October-December 2022) would be released during the first week of December 2022.

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 has 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.  

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, 8th Floor, Maker Chamber IV, Jamnalal Bajaj Marg, Nariman Point,
Mumbai 400 021; 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, and uncertainties in the global economy and the global geo-political tension.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.

A research paper by India Exim Bank maps the untapped export potential of India’s creative economy. The study, which is first of its kind, titled ‘Reflection & Development of India’s Creative Economy’, analyzed 7 different creative segments such as art & crafts, audio visuals, design, visual arts, amongst others, as per UN classification, to map the export potential. 

According to India Exim Bank research, India’s total exports of creative goods and services stood at close to US$ 121 billion as in 2019, of which export of creative services accounted for nearly USD 100 billion.

In India, the contribution of design segment was 87.5% of the total creative goods exports in 2019, and another 9% is contributed by art and crafts segment. Further analysis shows that, in the Indian context, creative goods industry has a trade surplus of US$ 16 billion. 

This Study on creative economy was released by Padma Vibhushan Dr. Sonal Mansingh, at Exim Bazaar organized at the National Crafts Museum, New Delhi on September 3, 2022.

The creative economy is significantly diversified in India. Industries such as film give an important push to the creative economy. India ranks 6th globally, outside the US, with respect to the top international box office markets by revenue.  

The Study draws home the critical role technology is playing with human creativity, knowledge, intellectual property, amongst others in this evolving arena. The study also captures the role of artificial intelligence and machine learning, extended reality, and blockchain, which are impacting the functioning of creative economy. 

This unique Study by India Exim Bank provides various recommendations to promote the creative economy in India. Amongst others, the suggestions include defining and mapping the creative industries in India, funds to finance the creative industries, focusing on joint programs, addressing the issue of copyrights, promoting MSMEs and local artisans, establishing creative districts and hubs, and forming a specialized institution for creative industries.

The study also analyses the Creative Economy policies of countries such as the UK, Australia, France, South Korea, Indonesia, and Thailand where Creative Economy has found significant importance, with dedicated ministries or institutions. 

While India has made progress in industries associated with the creative economy, the country has significant scope to upscale the value of its creative economy. India Exim Bank in its Study suggests for drawing up a single definition for creative economy in the country, while having a dedicated institution, which could explore its untapped potential.

For any information may contact:
Mr. S Prahalathan Chief General Manager, Research & Analysis Group, India Exim Bank
prahalathan@eximbankindia.in 

9th edition of ‘Exim Bazaar’ inaugurated by Padma Vishubhan Dr. Sonal Mansingh, Hon’ble Member of Parliament (Rajya Sabha)

Padma Vishubhan Dr. Sonal Mansingh, Hon’ble Member of Parliament (Rajya Sabha) along with the Managing Director of India Exim Bank, Ms. Harsha Bangari inaugurated the 9th edition of ‘Exim Bazaar’, in presence of Shri U. P. Singh, Secretary, Ministry of Textiles, at the National Crafts Museum and Hastkala Academy (Ministry of Textiles), Pragati Maidan, New Delhi today. The Bazaar, organized by India Exim Bank, showcases traditional and contemporary art and craft products from across the country and from the neighbouring countries, from Saturday, September 3 to Tuesday, September 6, 2022.

As a part of Government of India’s Neighbourhood First policy, artisans from neighbouring nations of Bangladesh, Bhutan, Myanmar, Nepal and Sri Lanka have also been invited for the first time to showcase their traditional art forms. 

The exhibition assumes significance as it aims to support local, home-grown artisans from various states. Complimenting the role Exim Bazaar plays to strengthen India’s Handicraft and Handloom sector, Padma Vishubhan Dr. Sonal Mansingh said, “Artisans faced immense losses as their business scope was much impacted due to the pandemic. For women and their families, it was especially tough to handle financial stress in the lockdown. Opportunities like Exim Bazaar should be encouraged to display one’s work and make up for the lost time.”

Commenting on why this platform should be leveraged by the grassroots enterprises, Ms. Bangari said, “We are happy to bring together 75 artisans from all over the Indian subcontinent to mark the 75 years of India’s independence, Azadi Ka Amrit Mahotsav. It is inspiring for us to see such a positive response from Delhi for the artisans. The Exim Bazaar is organized by the India Exim Bank with an objective to boost business prospects for many individual artisans as well as micro & grassroots enterprises. The exhibition provides wider visibility and brand promotion for the artisans to market their products. This gives them access to direct customers and generate future sales leads, as well as understanding consumer preferences, improve industry knowledge and discover latest trends.”

During the pandemic many artisans and rural enterprises suffered significant loss in income. Exim Bank as a responsible financial institution continued its handholding support by conducting design, product, and educative workshops for the artisans during this period. This Exim Bazaar is a continuation of such initiatives thereby helping to provide a platform for the artisans to bounce back and revive itself. 

This ongoing Exim Bazaar at Delhi has seen participation of artisans and weavers from across the country, exhibiting their diverse range of skills, talents, and techniques, with many being national and state awardees. 

Art forms such as Madhubani paintings, leather puppetry, Warli paintings, Pichwai paintings, Pattachitra and Phad paintings, Banarasi silk fabrics, lac bangles, Kawad paintings, ceramic blue pottery, Dokra art, terracotta, Jamdani sarees, wrought metal art among others are on display and available for sale at this exhibition. Exim Bazaar, an exhibition-cum-sale of handmade arts and crafts of India curated by Exim Bank, has come to Delhi for the first time since its inception. 

Exim Bank hopes that this event would boost business prospects for many individual artisans as well as micro & grassroots enterprises. With the footprint of thousands of visitors, this exhibition would provide wider visibility and brand promotion for the artisans to market their products. This would give them access to direct customers and generate future sales leads, as well as understanding consumer preferences, improve industry knowledge and discover latest trends.

 On this occasion, Padma Vishubhan Dr. Sonal Mansingh, released Exim Bank’s publication titled ‘Reflection and Development of India’s Creative Economy’. The study, which evaluates the trade potential of the nation in the creative economy, is the first of its type in the Indian setting. The study estimates India’s total exports of creative goods to be over US$ 20 billion, exhibiting further potential to grow, if tapped suitably by policy makers. Dr. Mansingh also released a publication of the success stories of Exim Bank’s intervention with the grassroots enterprises for revival of India’s traditional artforms.

Exim Bank assists artisans, master craftsmen, weavers, clusters, self-help groups, grassroots and micro enterprises through capacity building and sourcing overseas buyers / distributors, under its Grassroots Initiatives and Development (GRID) and Marketing Advisory Services (MAS) programmes.  The assistance under these programmes has enabled financial empowerment, employment generation, promotion of entrepreneurship among individual artisans, and ensuring the survival and sustenance of centuries-old traditional handicraft and handloom products.

For further information, please contact:
Mr. Dharmendra Sachan, General Manager, GRID & MAS, India Exim Bank 8th Floor,
Maker Chamber IV, Nariman Point, Mumbai 400 021
E-mail: grid@eximbankindia.in

India Exim Bank’s study titled “Building a Resilient Africa: Enhanced Role of India” was released during the 17th CII-EXIM Bank Conclave on India - Africa Growth Partnership on July 19, 2022, in the presence of Shri. Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Government of India; H.E. Mr. Marie Cyril Eddy Boissezon, GOSK, Vice President, Republic of Mauritius; H.E. Mr. Badara A. Joof, Vice-President, Republic of The Gambia; H.E. Dr. James Wani Igga, Vice-President, Republic of South Sudan; H.E. Ms. W.K. Mutale Nalumango, Vice President, Republic of Zambia; H.E. Ms Netumbo Nandi-Ndaitwah, Deputy Prime Minister and Minister of International Relations and Cooperation, Republic of Namibia; Ms Harsha Bangari, Managing Director, India Exim Bank, along with senior corporate executives. 

India Exim Bank’s study finds huge trade complementarity between India and Africa.India’s total trade with Africa stood at US$ 82.5 billion in 2021, recording the highest ever level witnessed by both regions. Using ITC’s export potential methodology, the study finds bilateral export potential of India and Africa at US$ 48 billion. The paper also examined the evolution of India’s development cooperation with Africa over the years and emphasised the need for India to step up efforts to enhance this developmental partnership, especially in the context of changing global architecture in recent times. To understand geographical and sectoral distribution of India’s project exports to Africa, contracts secured by Indian project exporters in projects awarded by the MDBs like the AfDB, and the World Bank have also been analysed. The study further recommends strategies to enhance India’s role in building a post pandemic resilient Africa and assist it to rebound to its earlier high growth trajectory and exports through increased collaboration in potential sectors like agriculture, healthcare, and renewable energy, among others. The study also recommends exploring alternate mechanisms for infrastructure financing and addressing the existing trade finance gap.

Addressing the participants during the inaugural session of the Conclave,Hon’ble Minister Shri. Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Government of Indiaemphasised that India looks at Africa as partner in progress, with India-Africa partnership best described through four pillars - people, business, trade and government.  He has underlined that Africa-India partnership will play a very important role going forwardand lead the developing world out of food insecurity and bring prosperity.

In her address, Ms.Harsha Bangari, Managing Director, India Exim Bank, highlighted that bridging gaps in trade finance couldunlock the latent export potential of India and Africa and can increase the share in global export participation of both regions. She underscored the increased role of multilateral development banks (MDBs) and development finance institutions (DFIs) in providing measures to reduce the trade finance gap. Ms Bangari stressed thatIndia needs to be dynamic in its engagements in Africa and address the changing needs of the Continent, while emphasising thehuge opportunity African Continental Free Trade Area (AfCFTA) agreement presents for India.

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’s BRICS Economic Research Award 2022 was presented to the Award winner, Dr. Apoorv Gupta during the 12th Annual BRICS Financial Forum hosted online by China Development Bank (CDB), on June 17, 2022 in the presence of heads of member development banks of the BRICS Interbank Cooperation Mechanism.

June 17, 2022: Dr. Apoorv Gupta was declared the winner of Export-Import Bank of India’s (India Exim Bank’s) BRICS Economic Research Award 2022 by Ms. Harsha Bangari, Managing Director, Export-Import Bank of India, during the 12th BRICS Annual Financial Forum, hosted online by China Development Bank, on June 17, 2022. The Forum saw the participation of the heads of member development banks of the BRICS Interbank Cooperation Mechanism viz. the Brazilian Development Bank (BNDES); VEB.RF; China Development Bank (CDB); Export-Import Bank of India (India Exim Bank) and Development Bank of Southern Africa (DBSA), along with the New Development Bank. The Award comprises prize money of Indian Rupees 1.5 million (approximately USD 20,000), a medal and a citation. 

The Winning Thesis

Dr. Apoorv Gupta won the Award for his doctoral thesis “Essays on Finance and Development”. Dr. Gupta received his doctoral degree in 2020 from Northwestern University, USA. He is currently working as Assistant Professor of Economics, Dartmouth College, USA.

The BRICS Economic Research 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.  

The BRICS Economic Research Award represents India Exim Bank’s on-going efforts at promoting research in the area of international economics, trade & development and related financing. The Award accepted as 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.

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

Export-Import Bank of India (India Exim Bank) forecasts India’s total merchandise exports to continue to cross the US$ 100 bn mark, for the fourth consecutive quarter in a row.  The first quarter exports would be close to US$ 120 bn (US$ 117.2 bn) growing at 22.7%.  Non-oil exports continue to witnessa double-digit growth (12.6%) amounting to US$ 93 bn, during the first quarter (April-June) of 2022-23.  This compares to US$ 95.5 bn and US$ 82.6 bn of total exports and non-oil exports, respectively, for the corresponding quarter of the previous year.  The rise in India’s exports could be attributed largely to the continued increase in global commodity prices driven by supply shocks, enhanced price competitiveness owing to exchange rate movements, and benefits from possible trade diversion.  The growth forecast may be subject to commodity price volatility, and uncertainties in the global economy mainly driven by the current geo-political tension.

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 next growth forecast for India’s exports for the 2ndquarter of FY 2023 (i.e. July-September 2022) would be released during the first week of September 2022.

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 has 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.  

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, 8th Floor, Maker Chamber IV, Jamnalal Bajaj Marg, Nariman Point, Mumbai 400 021;
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, and uncertainties in the global economy mainly driven by the geo-political tension.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.