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    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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  • Press Releases

    12-Mar-2021

    Digital Manufacturing: The New Goal for Digital India, Make in India and Start-up India

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  • Press Releases

    06-Mar-2021

    India Exim Bank felicitates Mumbai Policewomen under its ‘Protect the Protectors’ initiative

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  • Press Releases

    02-Mar-2021

    Export-Import Bank of India, on behalf of the Government of India, extends a line of credit of USD 10.40 million to the Government of the Kingdom of Eswatini (Swaziland)

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  • Press Releases

    26-Feb-2021

    Exim Bank extends LOC of USD 7.35 million to the Republic of Nicaragua

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  • Press Releases

    25-Feb-2021

    India Exim Bank to provide funding of USD 130 million to finance 2000 Housing units in Maldives

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  • Press Releases

    24-Feb-2021

    Exim Bank extends line of credit of USD 100 million to the Government of Republic of Mauritius

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  • Press Releases

    22-Feb-2021

    Exim Bank extends line of credit of USD 50 million to the government of republic of Maldives

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  • Press Releases

    17-Feb-2021

    Exim Bank extends LOC of USD 15.00 million to The Republic of Sierra Leone for implementation of potable water projects by Indian companies

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  • Press Releases

    01-Feb-2021

    India has an untapped export potential of more than US$ 110 million in sports goods

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  • Press Releases

    05-Jan-2021

    India Exim Bank raises US$ 1 Billion for 10 year tenor at record low rate of 2.25% P.A.

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  • Press Releases

    17-Dec-2020

    India Exim Bank forecasts India’s Non-Oil exports for the third quarter of FY2021 to amount to US$ 68.3 bn, witnessing a marginal positive annual growth

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  • Press Releases

    11-Dec-2020

    Exim Bank extends line of credit of USD 448 million to the government of republic of Uzbekistan.

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  • Press Releases

    11-Dec-2020

    India Exim Bank and BANK OF AFRICA BMCE Group sign MoU aiming to increase trade and investment

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  • Press Releases

    03-Dec-2020

    India-CLMV Partnership in Infrastructure Necessary for Enhanced Regional Competitiveness: India Exim Bank Study

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  • Press Releases

    03-Dec-2020

    India Exim Bank estimates suggest an immediate need for 5 Indian hospitals across Africa; building regional healthcare hubs

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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.

______________________

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.

Digital Manufacturing: The New Goal for Digital India, Make in India and Start-up India

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A research study conducted by Gateway House in partnership with India Exim Bank, examines the growth of digital manufacturing in India, before and after COVID-19

The COVID-19 pandemic has accelerated digitisation across the world, and India has been a key participant in this pursuit. The possible realignment of supply chains away from China, offers a significant opportunity for India to modernise its manufacturing with digitisation. A breakthrough research study by Gateway Houseconducted in partnership with Export-Import Bank of India (India Exim Bank) along with the guidance of Progressive Policy Institute, Washington D.C. titled “Digital Manufacturing in India” examines how India has the potential to become a global manufacturing hub if it speeds up the adoption of digital manufacturing.

At present, digital manufacturing in India runs in parallel with global efforts in technology, with limited scale. However, for it to be truly successful, it must scale up, and especially be adopted widely by small and medium enterprises which are ready for the take-off. Manjeet Kripalani, Executive Director and co-founder, Gateway House: Indian Council on Global Relations said,“Digital manufacturing is the next wave of business globalization, which, post-pandemic is not just blind automation to save costs but the smart use of digital tools to modernise industry andcreate good quality jobs. Digital manufacturing is the next leap for India’s tech leadership - the first being the software outsourcing movement in the 1990s. This time around, government incentives are aligning with industry interests.  It offers India a chance to reposition itself globally,and play a leadership role in the Industry 4.0 future.”  

The research study was launched by David Rasquinha, Managing Director, India Exim Bank in the presence of prominent representatives from the Government of India and India Inc. at an online Roundtable organised on March 10, 2021. In his opening remarks,Rasquinha said “Disruptive technologies have created a new realm of opportunities, in today’s increasingly interconnected and complex world.  Traditional businesses need to transform into digital enterprises to meet the changing needs of their customers, and stakeholders, while remaining cost-effective and competitive. A digital transformation— one that’s real-time, intuitive, automated, secure, and open— is imperative for businesses to survive in this highly competitive world. MSMEs would remain the key enablers in driving Industry 4.0 while playing a vital role in this journey of transformation of the Indian manufacturing sector”.

The studyis the culmination of more than a year of in-depth research and field visits focused on the country’s pre-and-post-COVID digital manufacturing ecosystems. The timing of the study is opportune, as the pandemic has accelerated the adoption of digital manufacturing in India as also globally. Within India, digital adoption on the shopfloor has outpaced global peers on many counts. Companies that saw it as an option, now understand it as a business imperative.

“This study aligns with the government’s campaigns of Make in India, Digital India and Start-up India along with Prime Minister Modi’s recent push for Atmanirbhar Bharat. It also resonates with Gateway House’s mission to expand India’s role in global affairs by aligning business and technology with India’s foreign policy,” added Kripalani.

N. Ramesh, Deputy MD, India Exim Bank said, “In future, technological innovation could also lead to a supply-side miracle, with long-term gains in efficiency and productivity.  R&D infusion would play a critical role in uplifting the manufacturing sector to its desired level and enhance productivity and innovation-driven growth”.

He further explained, “India Exim Bank through its new UbharteSitare Programme would strive to identify and support fundamentally strong Indian companies, which could be future champions with good export potential in select manufacturing and service sectors, having unique value proposition in respect of technology, products or processes that are matching with global requirements”.

The paper recommends the following: 

Creation of a manufacturing excellence programmeto recognize Indian MSMEs for digital adoption akin to the World Economic Forum’s Light House Network.

Publication of a pan-nation centralized directory of Industry 4.0 start-ups mapping their capabilities on government portal to facilitate wider market access for start-ups that run on thin marketing budgets.

Synergizing efforts of academic institutions and industry to create an affordable ecosystem for upskilling of manufacturing workforce and inhouse faculty. 

Accelerated end-to-end digital adoption by Indian manufacturing MNCs in order to benefit from the global shifts in supply chains and establish India firmly as an Industry 4.0 enabled manufacturing hub.

The full paper, Digital Manufacturing in India can be found at
 https://www.eximbankindia.in/research-papers

About Export-Import Bank of India:

Export-Import Bank of India (India Exim Bank), established in 1982, is a premier financial institution wholly owned by the Government of India, set-up to finance, facilitate and promote India’s trade and investment. Besides operating a number of programs for financing trade and investment, the Bank also plays a promotional role to create and enhance export capabilities of Indian companies.  The institution over the years, has played a pivotal role in contributing to the Government of India’s economic policy engagements in the global arena. 

The Research & Analysis Group at India Exim Bank carries out extensive research on varied topics and brings out studies providing in-depth insights on various aspects related to international trade and investment, sectoral analysis, and policy related issues, among others, 

through qualitative and quantitative research.  These research studies seek to identify avenues for enhancing India's international engagements.

About Gateway House: Indian Council on Global Relations:

Gateway House: Indian Council on Global Relations is a foreign policy think tank in Mumbai, India, established to engage India’s leading corporations and individuals in debate and scholarship on India’s foreign policy and the nation’s role in global affairs. Gateway House is independent, non-partisan and membership-based working towards co-designing perspectives on global issues that are important to India with a focus to taking India from a global rule taker to rule maker.

Our key areas of study are geopolitics, geoeconomics, energy & environment, space and ocean studies, international security (maritime, cyber and digital), international law and Bombay history.

For more information, please contact:

Mr. David Sinate
Chief General Manager
Export-Import Bank of India
8th Floor, Maker Chamber IV
Jamnalal Bajaj Marg, Nariman Point
Mumbai 400 021
E: dsinate@eximbankindia.in
T: +91-22-22860353

India Exim Bank felicitates Mumbai Policewomen under its ‘Protect the Protectors’ initiative

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The coronavirus pandemic has posed unprecedented problems. Despite the challenges of daily life in the metropolis of Mumbai, police personnel continue to work as Corona warriors tirelessly and selflessly. In a novel way to celebrate International Women’s Day on March 08, India Exim Bank felicitated policewomen of Mumbai in two events by gifting them organic honey under its initiative ‘Protect the Protectors.’

Ayurveda, the eternal science of health, regards honey as ‘amrita’ or healing nectar. Modern research has also shown honey to be possessing unique nutritional and medicinal properties. Hence, with the intention of contributing to their wellness, India Exim Bank gifted honey to nearly 900 policewomen.

For the first event on March 03, 2021, the Bank coordinated with the Office of Additional Commissioner of Police, North region and the bottles of honey were handed over to policewomen in the presence of Mr. Dilip Sawant (IPS),ACP of North zone. The second event was held on March 5, 2021, at the Office of Additional Commissioner of Police, West region, where Mrs. Harsha Bangari, Deputy Managing Director met the policewomen in the presence of Mr. Sandip Karnik (IPS), ACP of West zone.

The honey was procured from Under The Mango Tree Pvt. Ltd. (UTMT), a social enterprise which is supported by the Bank under its grassroots initiatives for development. UTMT focuses on poverty reduction through training small farmers (many amongst whom are women) in tribal communities in beekeeping with indigenous beesand markets organic honey. 

During Covid-19 pandemic, India Exim Bank has taken several initiatives to support social organisations to provide relief to health and sanitation workers in Maharashtra.

For More information, please contact: Mr. David Sinate, Chief General Manager, Export-Import Bank of India, 21st floor, Centre One Building, World Trade Centre Complex, Cuffe Parade, Mumbai 400005;Telephone +91-22-22172829,Email: ccg@eximbankindia.in,Website:www.eximbankindia.in

Export-Import Bank of India, on behalf of the Government of India, extends a line of credit of USD 10.40 million 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 10.40 million to the Government of the Kingdom of Eswatini (Swaziland) for construction of disaster recovery site.

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 3 (Three) 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 68.30 million. The LOCs extended to the Government of the Kingdom of Eswatini (Swaziland) cover projects in sectors including Information Technology, Disaster Management and Agriculture.  

With the signing of this LOC Agreement, Exim Bank has now in place 270 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.75 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 extends LOC of USD 7.35 million to the Republic of Nicaragua

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Export-Import Bank of India [Exim Bank], on behalf of the Government of India, has extended Line of Credit [LOC] of USD 7.35 million to the Government of the Republic of Nicaragua for the purpose of replacement and supply of equipment of the High Technology Centre of Hospital Antonio Lenin Fonseca at Managua, Nicaragua. The project under the LOC shall facilitate improving the quality of life of patients and provide a modern hospital infrastructure in Nicaragua. The project would enable export of medical equipment from India. 

The LOC Agreement to this effect was signed on February 18, 2021, through exchange between Mr. Jose Adrian Chavarria Montenegro, Vice-Minster General of the Ministry of Finance and Public Credit, Government of Republic of Nicaragua 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 Nicaragua, on behalf of the Government of India, taking the total value of LOCs extended to USD 94.98 million. The LOCs extended to the Government of the Republic of Nicaragua cover projects in the Power and Healthcare sectors in Nicaragua. 

With the signing of this LOC Agreement, Exim Bank has now in place 269 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.64 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. 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

India Exim Bank to provide funding of USD 130 million to finance 2000 Housing units in Maldives

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Export-Import Bank of India (India Exim Bank) on February 20, 2021 exchanged a Letter of Intent (LoI) with Fahi Dhiriulhan Corporation Ltd., Govt. of Maldives for the design and construction of 2000 Social Housing Units in Hulhumale, Maldives valued at USD 130 mn. This funding is proposed to be provided under the Buyer’s credit program under National Export Insurance Account (NEIA) Scheme. The project is expected to improve the socio-economic well-being of Maldivian citizens and is in line with the Government of India policy of ‘Neighbourhood First’. The LoI was exchanged in Male’ city, as part of India’s External Affairs Minister, Dr. Subrahmanyam Jaishankar’s visit to Maldives. The project is proposed to be executed by NBCC (India) Ltd.

India Exim Bank had earlier supported Road network development in Hulhumale, Maldives under the NEIA scheme. Further, India Exim Bank has also supported various projects in water, power, railway and road sectors in various countries viz. Ghana, Zambia, Cameroon, Mauritania and Senegal in Africa, Sri Lanka in Asia and Suriname in 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, BC-NEIA Group, 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

Exim Bank extends line of credit of USD 100 million to the Government of Republic of Mauritius

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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 100 million to the Government of the Republic of Mauritius for the purpose of financing procurement of defense items from India.

The LOC Agreement to this effect was signed on February 19, 2021, through exchange between H.E. Mr. Renganaden Padayachy, Hon’ble Minister of Finance, Economic Planning and Development, the Government of Republic of Mauritius and Mr. Gaurav Singh Bhandari, Chief General Manager, Exim Bank. 

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 Mauritius, on behalf of the Government of India, taking the total value of LOCs extended to USD 764.80 million. The LOCs extended to the Government of the Republic of Mauritius cover projects in sectors including Defense, Connectivity and Infrastructure sectors such as Metro Express Limited, Social Housing, etc.

With the signing of this LOC Agreement, Exim Bank has now in place 269 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.64 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

Ms. K. Nandini Singla, High Commissioner of India to Mauritius and Mr. N.K. Ballah, Secretary to the Cabinet, Government of Republic of Mauritius exchanging an LOC Agreement of USD 100 million on February 22, 2021. 

The exchange ceremony was held during the Mauritius visit of Shri S. Jaishankar, Hon’ble Minister of External Affairs, Government of India. Earlier, the agreement was signed by H.E. Mr. Renganaden Padayachy, the Government of Republic of Mauritius and Mr. Gaurav Singh Bhandari, Chief General Manager, Exim Bank for the purpose of financing procurement of defence items from India on February 19, 2021.

Exim Bank extends line of credit of USD 50 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 50 millionto the Government of the Republic of Maldives for the purpose of financing for Defence projects.The LOC Agreement to this effect was signed in Male’, Maldives on Sunday, February 21, 2021 by H.E. Ibrahim Ameer, Minister of Finance, Government of Republic of Maldives and Mr. Gaurav Singh Bhandari, Chief General Manager, Exim Bank during the visit to Maldives of Shri S. Jaishankar, Hon’ble Minister of External Affairs, Government of India. An amendatory agreement for repurposing an existing LOC of USD 40 MN to include road projects in Maldives was also signed between Exim Bank and Government of Maldives on Saturday, February 20, 2021.

With the signing of the above LOC Agreement, Exim Bank, till date, has extended 4 (Four) 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 1,290 million. 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 and Road Construction Project.

With the signing of this LOC Agreement, Exim Bank has now in place 268Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.64 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. Gaurav Singh Bhandari, Chief General Manager, Exim Bank signing the Lines of Credit Agreement of USD 50 million.

Exim Bank extends LOC of USD 15.00 million to The Republic of Sierra Leone for implementation of potable water projects by Indian companies

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Export-Import Bank of India [Exim Bank], on behalf of the Government of India, has extended Line of Credit [LOC] of USD 15.00 million to the Government of the Republic of Sierra Leone for the purpose of expansion of the ongoing projects for rehabilitation of existing potable water facilities in four communities in the Borrower’s Country. This LOC will be used for implementation of projects by Indian companies which will benefit 1,00,000 residents in the 4 communities of Sierra Leone.

The LOC Agreement to this effect was signed on February 05, 2021, through exchange between Mr. Saroj Khuntia, General Manager, Exim Bank, and H.E. Mr. Jacob Jusu Saffa, Finance Minister, Government of Republic of Sierra Leone.

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 Sierra Leone, on behalf of the Government of India, taking the total value of LOCs extended to USD 168 million. The LOCs extended to the Government of the Republic of Sierra Leone cover projects in sectors including Power, Agriculture, and potable water in Sierra Leone.

With the signing of this LOC Agreement, Exim Bank has now in place 267 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.59 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. Saroj Khuntia, 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

India has an untapped export potential of more than US$ 110 million in sports goods

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Exports of sports goods from India were valued at US$ 278.9 million in 2019-20, and have an untapped potential of more than US$ 110 million, as per a presentation by the Export-Import Bank of India (India Exim Bank) on the ‘Export Potential of sports Goods Industry’. Some of the key strategies highlighted for unleashing this growth potential include improvement in the standards, quality and certification regime in the country for meeting regulatory requirements in major markets, reduction of the import dependence on China for both raw materials and finished products, setting up of a research and development institute for investment in up-stream research in material sciences and sports sciences, strategies for increasing market access in relatively untapped geographies, financial and infrastructural support for development of more sports goods clusters, greater awareness through regular seminars and workshops regarding the various developments in the industry, and greater involvement of states for encouraging investments in the sector.

The potential and strategies for bolstering growth in exports of sports goods were discussed in a webinar on ‘Taking Indian Sports Goods Businesses to the Global Arena’ organized by India Exim Bank on 29th January, 2021. The webinar was attended by nearly 100 participants and had speakers from India Exim Bank and the Sports Goods Export Promotion Council (SGEPC).

Speaking on the occasion, Mr. Tarun Dewan, Executive Director, SGEPC, highlighted the strong capabilities of the sports goods industry in India and informed the participants about the various efforts taken by the SGEPC to support the exporters. He mentioned that India has the potential to become one of the leading sports goods suppliers in the world, and stakeholders need to take concerted and cohesive action towards creating an enabling environment for the sports goods manufacturers.

Mr. N Ramesh, Deputy Managing Director, India Exim Bank, noted that like many other sectors, the world of sports also came to a standstill due to the pandemic, and sports manufacturing faced an unprecedented slump during what would otherwise be a peak demand season. He further underscored that as the country and the world gradually move towards normalcy, the sports goods industry would need to forge partnerships and adopt strategies for making the sector more resilient to such downturns.

In his presentation, Mr. Prahalathan Iyer, Chief General Manager, Research & Analysis Group, India Exim Bank, highlighted the need for Indian sports goods industry to diversify its exports basket, as well as its target markets, in order to widen its footprint in the global arena. He highlighted the potential for exports from the sports goods sector and outlined the strategies which could help enhance India’s share in global exports of these products.

Mr. T.D. Sivakumar, General Manager, Business Development Group, India Exim Bank, outlined the significant scope for exporters to leverage the various programs of India Exim Bank, including the recently launched Ubharte Sitaare program. He also apprised the exporters about ‘Exim Mitra’- a trade finance portal that offers a diverse range of information, advisory and support services, which reach out to potential as well as existing exporters to enable them to evaluate international risks, exploit export opportunities, and improve competitiveness.

India Exim Bank raises US$ 1 Billion for 10 year tenor at record low rate of 2.25% P.A.

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India Exim Bank opened the year in style on January 4, 2021, successfully launching a USD 1 billion 10-year Bond. The coupon of 2.25% is a record low for any 10-year bond issuance out of India. The Bank, whose balance sheet is substantially dollarized, is one of the largest Indian issuers of long-term debt in the international debt capital markets and its paper is treated as quasi-sovereign. The funds thus raised will be used by the Bank to support Indian project exports, overseas investment by way of long-term credit and its export lines of credit portfolio.

The issue was launched early morning in Eastern markets (Hongkong and Singapore) and within three hours was over-subscribed twice. The Bank then tightened the initial price guidance of CT10+185 bps by 40 bps to end at CT10+145 bps, well inside the fair value point on the curve. At close, with US investors also coming in, the issue was oversubscribed by more than 3.5 times, with several high-quality investors having to settle for less than their requested allocations.

In terms of geographic distribution, the bonds were distributed 55% in Asia, 29% in USA and 16% from EMEA region. In terms of distribution, the bonds were distributed to high quality investors with around 68% distributed to fund managers, 17% to Sovereign Wealth Funds, Central Banks and Insurance companies, 14% to banks and 1% to private banks and others.

Barclays, 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 (Negative)’ by Moody’s, ‘BBB- (Stable) by S&P and ‘BBB- (Negative)’ by Fitch, same as the rating of Government of India.

Speaking on the occasion, Mr. David Rasquinha, Managing Director of India Exim Bank, said, “We are delighted to open the debt markets in 2021 with this signal achievement – a billion dollars for ten years at a record low coupon. With the upsurge in GST numbers, improvement in GDP, and the recent approval of vaccines, the confidence in the India story is surging once again. With a strong market opening trade from India Exim Bank, many other Indian issuers are likely to follow suit to access the foreign currency bond market.”

Ms. Harsha Bangari, Deputy Managing Director said that India Exim Bank has been continuously monitoring the market for a possible issuance window. This is the only 10-year transaction by an Indian Financial Institution in the last one year. The quasi sovereign nature of the Bank and EMBIG index eligibility of the bonds helped in the price tightening. The swift build to the book and the large book size, even after significant tightening by 40 bps demonstrates strong confidence of overseas investors in the India story and in India Exim Bank. Throughout the lockdown period, the Bank had been regularly engaging with overseas investors, a move that paid off well as investors bid aggressively. 

India Exim Bank aims to promote India’s international trade and investment. The Bank offers Indian companies a comprehensive range of products and services, supported by analysis and research, with a view to enhancing their international competitiveness. The Bank aggressively supports Indian exporting companies, especially medium-sized enterprises, in their globalisation efforts through a variety of lending programmes.

For further information, please contact Mr. Sudatta Mandal, Chief General Manager, Treasury & Accounts Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005. Telephone +91-22-22172686; E-mail: sudatta@eximbankindia.in

India Exim Bank forecasts India’s Non-Oil exports for the third quarter of FY2021 to amount to US$ 68.3 bn, witnessing a marginal positive annual growth

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Export-Import Bank of India (India Exim Bank) forecasts India’s Non-Oil exports for the third quarter of FY2021 to amount to US$ 68.3 bn, witnessing a marginal positive growth of 0.3 percent, over the corresponding quarter of the previous year, after three consecutive quarters of contraction.  On the other hand, total merchandise exports are forecast to continue to witness a moderation to US$ 77.6 bn in the third quarter of 2020-21, as compared to US$ 79 bn in the corresponding quarter of the previous year, on the back of one of the steepest and continued contractions in India’s oil exports, witnessed since March 2020.  The forecasts are based on India Exim Bank’s Export Leading Index (ELI) Model.  

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 quarter January-March 2021 would be released during the first week of March 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.  

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: +91-22-2217 2701/ 2708/ 2711 

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 and the resultant slowdown. 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.   

Exim Bank extends line of credit of USD 448 million to the government of republic of Uzbekistan.

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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 448 million to the Government of Republic of Uzbekistan for financing various projects in the Roads & Transport, Water and Technology & Communication sectors in Uzbekistan.

The LOC Agreement to this effect was signed on Thursday, December 10, 2020, between Hon’ble Deputy Prime Minister & Minister of Investments and Foreign Trade, Mr. Sardor Umurzakov, Government of Republic of Uzbekistan and Mr. Nirmit Ved, General Manager, Exim Bank.

With the signing of this LOC Agreement, Exim Bank has now in place 266 Lines of Credit, covering 62 countries in Africa, Asia, Latin America, CIS and the Oceania, with credit commitments of around USD 26.59 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. 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  

India Exim Bank and BANK OF AFRICA BMCE Group sign MoU aiming to increase trade and investment

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Recognising the importance of economic relations between India and Morocco and the need to further promote bilateral trade and investments, India Exim Bank has signed a Memorandum of Understanding (MoU) with the Bank of Africa BMCE Group. The MoU was announced during the India-Morocco Business Forum, jointly organized by both the institutions on December 11, 2020. Senior representatives from the institutions were joined by H.E. Mr. Mohammed Maliki, Ambassador of the Kingdom of Morocco to India and Mr G.K. Pant, Chargé d'affaires, Embassy of India in Morocco, at the Forum, which was organized on a virtual platform. 

While addressing the Forum, Ms. Harsha Bangari, Deputy Managing Director, India Exim Bank said that India’s trade with the Middle East and North Africa (MENA) region has traditionally been governed by the fact that the region has been a critical source of energy. Ms. Bangari added that India is now increasingly positioning itself as an economic partner through increased investments in the region. 

India’s bilateral trade with Morocco has increased from US$ 1.2 billion in 2010 to US$ 2.1 billion in 2019. While India’s imports from Morocco are largely dominated by phosphate and potash, India’s exports to the country are more diversified covering textiles, chemical products, petroleum products, pharmaceutical products.

According to Mr. Mohammed Agoumi, Delegate General Manager, Bank of Africa the objective of the MoU is to strengthen cooperation in financing, guaranteeing and other financial mechanism to support projects of interest of both the institutions. The Banks will also jointly explore funding support for Indian companies setting up operations in Morocco and Moroccan companies setting up operations in India as per their respective mandates. 

Till date, India Exim Bank has supported 64 Indian companies for setting up ventures in the MENA region, with a sanctioned amount of  ` 6,684 crore, in various sectors such as textiles, automotive, chemicals and dyes, agro processing, irrigation, renewable energy, construction, healthcare, EPC services, shippingand mining, among others.

For further information, please contact:

Mr. David Sinate, Chief General Manager, Research & Analysis Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, T: 91-22-2217 2701, E-mail: dsinate@eximbankindia.in

 

India-CLMV Partnership in Infrastructure Necessary for Enhanced Regional Competitiveness: India Exim Bank Study

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India Exim Bank's publication titled ‘Building Infrastructure: Opportunities for India’ was released during the Inaugural Session of the 6th India-CLMV Business Conclave 2020 on December 03, 2020 in the presence of  Shri Mr V Muraleedharan, Hon’ble Minister of State for External Affairs, Government of India; Dr. Guru Prasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India; H E Mr Chhuon Dara, Secretary of State, Ministry of Commerce, Kingdom of Cambodia; H E Mr Cao Quoc Hung, Deputy Minister of Industry and Trade, Vietnam; H E Ms Khemmani Pholsena, Minister of Industry and Commerce, Lao PDR; H E Dr Than Myint, Minister of Commerce, Myanmar, Mr. Uday Kotak, President, Confederation of Indian Industry, and Managing Director, Kotak Mahindra Bank, and Mr. Chandrajit Banerjee, Director General, Confederation of Indian Industry.  

According to India Exim Bank’s Study, CLMV countries are amongst the fastest growing countries not only within the ASEAN region, but also globally. Moreover, CLMV countries have the lowest wage rates among ASEAN countries leading to lower costs of production. Though the current pandemic and subsequent measures to contain the spread had hit economic activities hard in the first half in the region, through reduced tourist arrivals, disrupted supply chains and dwindling external demand, the economies are already on a path of recovery. 

To catch up with the rest of ASEAN countries in terms of economic development, however, there is a growing demand for building infrastructure both in terms of new infrastructure and upgradation of existing infrastructure that are critical to sustain growth in the region. The current status of infrastructure (physical connectivity, digital and utility) indicates that except for Vietnam, infrastructure in the rest of CLMV countries needs to be scaled up to integrate themselves fully into the ASEAN Economic Community. 

The study also highlights the crucial role infrastructure plays in facilitating trade and investment in the region. Despite recent improvements in infrastructure financing, the annual infrastructure deficit of ASEAN, including CLMV countries, continued to remain high at US$ 184 billion. In this regard, to facilitate infrastructure development and address the financing gap, innovative mechanism of financing besides traditional financing methods need to be explored to increase private sector involvement, which could include, among others, infrastructure bonds and public private partnership (PPP).

India and CLMV’s robust trade synergy, which grew much faster than average growth in India-ASEAN trade in the last decade is testimony to the longstanding partnership built over the years. In this context, the study identifies potential areas of cooperation between India and CLMV which include, among others, energy sector and water management, e-commerce and digital connectivity, and physical connectivity network including rail, road, air and sea. There is also an urgent need to improve the necessary border infrastructure at trading points to facilitate cross-border movement of goods between India and Myanmar.

Within India-CLMV partnership, companies from both India and CLMV would be able to benefit from improved connectivity and logistics, integrated supply chains, abundance of low cost skilled labor, resulting in spillover benefits such as technological upgradation, production efficiencies and improved regional competitiveness.

For further information, please contact:

Mr. David Sinate, Chief General Manager, Research & Analysis Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, T: 91-22-2217 2701, E-mail: dsinate@eximbankindia.in

 

India Exim Bank estimates suggest an immediate need for 5 Indian hospitals across Africa; building regional healthcare hubs

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Healthcare systems across the world are under severe stress with the outbreak of COVID-19. Africa’s healthcare system has been fragile, even before the pandemic, along with an additional burdened of higher number of cases in HIV, malaria, diabetes, hypertension and malnourishment, among others. 

According to Global Health Security Index, which assesses a country’s health system capabilities, 33 out of 54 ranked African countries are rated as least prepared to deal with epidemic threats, which have international implications. 

Estimates suggest that Africa’s health financing gap is as high as US$ 66 billion per annum, indicating that the conventional source of financing healthcare, viz. government financing and donor funding are inadequate. A more holistic approach is thus required to transform the risks of demographic and disease burdens into a demographic dividend. 

Improving access to equitable healthcare will require multisectoral interventions. Cooperation and participation of all stakeholders, including governments, private sector along with the international community and regional development institutions, will be required to build capacities of national health systems.

India’s expertise in modern and traditional medicines, has been the focus of its partnership in healthcare, particularly in Africa. In fact, the good share of African medical tourists in India, is indicative of the Brand image of Indian Healthcare. 

India attracts nearly 50,000 medical tourists from Africa annually. The recent international air travel bans have made it increasingly difficult for medical tourists to avail such health services. Investments by Indian healthcare players can cater to a portion of this client base, apart from catering to the rest of the population of the region. 

Exim Bank’s preliminary study estimates that presently the Indian healthcare sector can significantly benefit from an investment of at least five hospitals in Africa with a capacity of hundred bed each. These could be spread across the five regions of the continent – North, East, Central, West and Southern Africa. 

India needs to realign its foreign policy with Africa, in line with such evolving needs, and must explore investment opportunities in the development of facilities in Africa’s health sector and support African economies achieve their Sustainable Development Goals, mainly Universal Health Coverage (UHC), and Africa's Agenda 2063.

These improvements need to be through a mix of measures including government participation, public-private partnership, joint ventures and foreign direct investments (FDI). 

These suggestions were discussed today at a webinar on “India-Africa Dialogue: Prospects in Healthcare”. The webinar was attended by several dignitaries including Mr. Gulshan Ramrekha, Deputy Permanent Secretary, Ministry of Health and Wellness, who read the message of His Excellency, Dr. Kailesh Kumar Jagutpal Hon’ble Minister of Health and Wellness, the Republic of Mauritius’. Shri. Rahul Chhabra, Secretary (ER), Ministry of External Affairs, Government of India was the Chief Guest at this event.  The session focusing on the regional hubs in Africa had dignitaries like H.E. Mr. Mohammed Maliki, Ambassador of the Kingdom of Morocco to India; H.E. Mr. Gilbert Shimane Mangole, High Commissioner of the Republic of Botswana; Mr. G. V. Srinivas, Ambassador of India to Senegal (concurrently accredited to The Gambia, Guinea Bissau and Cabo Verde); and Mr. A. Ajay Kumar, High Commissioner of India to Uganda (concurrently accredited to Burundi). The experience sharing session by the Indian private sector that is instrumental in shaping India’s developmental role in this direction, included Dr. Devi Prasad Shetty, Chairman, Narayana Health; Mr. K B George, Chairman and Managing Director, HLL Lifecare Ltd.; Dr. K. Hari Prasad, President of Hospital Division, Apollo Hospitals; and Mr. V. Sukumar Hebbar, Vice President & Head, L&T Construction, Larsen & Toubro Ltd.

The Webinar covered three key aspects of healthcare: healthcare infrastructure, healthcare facilities and training and capacity building. The discussions during the webinar highlighted the need for a three-pronged strategy to increase cooperation in building core healthcare infrastructure. These include cooperation through GOI-supported Lines of Credit (LOCs) to African nations and engagements through the public-private partnerships (PPP) mode; cooperation in capacity building and training of medical personnel; and setting up regional hubs across Africa to provide tertiary and quaternary care.

For further information, please contact

Mr. David Sinate

Chief General Manager

Research & Analysis Group

Export Import Bank of India

Centre One Building, Floor 21

World Trade Centre Complex

Cuffe Parade, Mumbai - 400005

Telephone: 91-22-2217 2701

Fax: 91-22-2218 0743

E-mail: dsinate@eximbankindia.in