Measures taken by the Ministry of Commerce & Industry to Boost Export Credit

Posted on 23 September 2020

As per the data available with the Directorate General of Commercial Intelligence and Statistics (DGCIS) exports in 2019-20 were $ 313.36bn as compared to $330.08bn in 2018-19. A statement showing the State-wise Exports during 2018-19 and 2019-20 is Annexed.

Several measures have been taken recently to boost export credit, which include the following:

On 01-04-2020, RBI extended the time period for realization and repatriation of export proceeds for exports made up to or on 31-07-2020 from 9 months to 15 months;
On 22-05-2020, RBI extended the time period for completion of remittances against normal imports into India (except in cases where amounts are withheld towards guarantee of performance) from 6 months to 12 months from the date of shipment for imports made on or before 31-07-2020;
On 23-05-2020, RBI increased the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from the existing one year to 15 months, for disbursements made up to 31-07-2020;
RBI vide its circular dated 20-09-2019, has enhanced the sanctioned limit for classification of export credit under PSL from Rs.25 crore to Rs.40 crore per borrower.

Directorate General of Foreign Trade is implementing various schemes for promotion of exports, which include schemes related to export incentives, access to duty free inputs for exporters, refund of duties and taxes, and transport and marketing support

A State Export Promotion Committee (SEPC) for Tamil Nadu has been constituted under the Chairpersonship of the Chief Secretary of Tamil Nadu. District Export Promotion Committees (DEPCs) have been set up in 37 districts in Tamil Nadu. Potential products for exports have been identified and notified for 37 districts in the State, including Karur District.

Annexure

(in USD Million)

State wise exports for the period 2018-19 and 2019-20
State/UT	2018-19	2019-20	% Change
ANDAMAN & NICOBAR	4.01	1.30	-67.6
ANDHRA PRADESH	14085.63	14787.75	5.0
ARUNACHAL PRADESH	2.31	1.55	-32.8
ASSAM	369.90	436.72	18.1
BIHAR	1640.91	1661.13	1.2
CHANDIGARH	71.89	76.54	6.5
CHATTISGARH	1244.10	1278.69	2.8
DADRA & NAGAR HAVELI	2143.38	2177.41	1.6
DAMAN & DIU	1053.39	1109.22	5.3
DELHI	9464.60	10370.15	9.6
GOA	2063.64	2000.42	-3.1
GUJARAT	67412.15	63448.40	-5.9
HARYANA	13833.25	12056.14	-12.8
HIMACHAL PRADESH	1323.43	1392.91	5.2
JAMMU & KASHMIR	196.43	188.18	-4.2
JHARKHAND	1252.79	1168.01	-6.8
KARNATAKA	17341.29	16639.45	-4.0
KERALA	9834.25	10146.80	3.2
LAKSHADWEEP	0.41	2.56	524.5
MADHYA PRADESH	6382.37	5318.32	-16.7
MAHARASHTRA	72809.28	64906.08	-10.9
MANIPUR	2.66	0.93	-64.9
MEGHALAYA	53.86	46.99	-12.8
MIZORAM	1.41	0.58	-59.1
NAGALAND	2.78	5.71	105.0
ODISHA	6303.36	6655.69	5.6
PONDICHERRY	392.79	366.31	-6.7
PUNJAB	6038.07	5605.90	-7.2
RAJASTHAN	7061.61	6637.05	-6.0
SIKKIM	7.94	9.88	24.4
TAMIL NADU	30525.91	30014.55	-1.7
TELANGANA	7168.26	7359.32	2.7
TRIPURA	1.72	1.75	1.6
UTTAR PRADESH	16289.17	16989.21	4.3
UTTARANCHAL	2351.18	2279.78	-3.0
WEST BENGAL	10057.13	9490.84	-5.6
UNSPECIFIED	21290.81	18728.82	-12.0
All India	330078.09	313361.04	-5.1