New Delhi. In a meeting chaired by Prime Minister Narendra Modi, the Union Cabinet has approved capital investment of Rs 4,400 crore in the state-owned Export Credit Guarantee Corporation Limited (ECGC Ltd). Union Commerce Minister Piyush Goyal told after the cabinet meeting that ECGC will also be listed through a public offer (IPO). The government will invest Rs 4,400 crore in ECGC for 5 years starting from 2021-22.
500 crores to be put in ECGC immediately
Union Minister Goyal said that Rs 500 crore will be deposited in ECGC immediately. He hoped that the ECGC would be empaneled next year. He also told that in the current financial year till 21st September 2021, the total exports have been Rs 185 billion. Explain that ECGC was started to promote exports by providing credit insurance services to exporters. It aims to provide credit insurance to exporters against the risks of non-payment on the part of overseas buyers due to commercial and political reasons.
read this also- Big jump for HDFC Bank! More than 11 thousand credit cards made every day after the removal of restrictions by RBI
Union Cabinet approves Rs 4,400 crore investment in ECGC Ltd. in 5 years to provide support to exporters as well as banks; move to help create 59 lakh new jobs including 2.6 lakh in the formal sector: Govt of India
— ANI (@ANI) September 29, 2021
Goyal said lakhs of people will get employment
Commerce Minister Goyal said that the investment of Rs 4,400 crore in ECGC will help the exporters as well as the banks. At the same time, it will also help in providing employment opportunities to 59 lakh people. Of these, 2.6 lakh people will get jobs in the formal sector. The ECGC is leading the export credit insurance market in the country with a market share of around 85 per cent. Apart from this, the cabinet has approved the continuation of the National Export Insurance Account Scheme (NEIA) and grant-in-aid of Rs 1,650 crore in five years.
Read Hindi News Online Watch More Live TV on Hindi website. Know related to country and abroad and your state, Bollywood, sports world, business News in Hindi.
.
Orignally published at Tailored Stash
0 Comments