MUMBAI: Under a recently launched program that insures up to 90% of the credit risk in export finance, India's Commerce and Industry Minister Piyush Goyal has requested that the limit be increased to Rs 40 crore.
"I would ask the CMD of ECGC to raise the export limit from Rs 20 crore to Rs 40 crore so that sectors other than commodities and gems and jewelry are covered by this expanded credit risk cover regime of 90% for any potential loss or risk." Goyal stated, "In return, we want the industry to guarantee complete honesty and integrity in claims and the manner in which we collaborate with ECGC." He was laying the groundwork for the brand-new ECGC headquarters in Andheri, Mumbai.
Goyal stated in his speech that the country was certain to meet its export goal of $750 billion for FY23.
Additionally, the minister urged the ECGC to reduce paperwork. He refered to his experience as a finance manager during the 1990s when he needed to abandon a case due to the documentation prerequisite.