The Cabinet Committee on Economic Affairs (CCEA) has approved the capital infusion of Rs. 2000 crore for strengthening of Export Credit Guarantee Corporation (ECGC) to enhance insurance coverage to micro, small medium enterprises (MSMEs) exports.
Benefits:
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The infusion of capital will enhance insurance coverage to MSME exports and strengthen India’s exports to emerging and challenging markets like Africa, CIS (Commonwealth of Independent States) and Latin American countries.
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With stronger underwriting capacity, ECGC will be in better position to support Indian exporters to tap new and unexplored markets.
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Increased capital infusion will also help ECGC to diversify its product portfolio and provide cost effective credit insurance which will help exporters to gain stronger foothold in difficult markets.
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Covers from ECGC will help in improving competitive position of India exporters in International markets.
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More than 85% of customers benefitted by ECGC’s covers are MSMEs.