Commerce & Industry Ministry clocks hectic week to push exports, big projects

THE Ministry of Commerce and Industry has concluded a hectic week with Union Minister Piyush Goyal travelling across the country from Srinagar in the north to Bengaluru in the south for chairing various meetings to give a fillip to exports and industrial projects.

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The minister held a crucial meeting with the Chairman of the State Bank of India and senior executives from other leading banks, ECGC Ltd., and department officials in Mumbai to review and explore opportunities related to export credit.

Based on ECGC’s experience under the scheme of enhanced cover, ECGC has now proposed further modifications to make available adequate and affordable credit to a larger section of MSME exporters. The product facilitates the borrower accounts to be treated equivalent to ‘AA’ rated accounts with reduced cost of export credit to the exporters.