Commerce and industry minister Piyush Goyal has asked the Export Credit Guarantee Corporation (ECGC) of India to double the limit to Rs 40 crore under a recently launched scheme that insures up to 90% of the credit risk in export finance.
“I would request the CMD of ECGC to move the Rs 20 crore export limit to Rs 40 crore, so that sectors other than gems & jewellery and commodities are covered under this expanded credit risk cover regime of 90% for any potential risk or loss. In return, we want the industry to assure full honesty and integrity in claims and in the way we work with ECGC,” said Goyal. He was inaugurating ECGC’s new headquarters in Andheri, Mumbai.
In his speech, Goyal said that the country was certain to achieve the target of $750 billion of exports for FY23.
The minister also urged ECGC to reduce documentation. He cited his experience as a businessman in the 1990s when he had to give up on a claim because of the documentation requirement.
