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

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:

1. 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;
2. 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;
3. 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;
4. 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)

Source: DGCIS

This information was given by the Union Minister of Commerce and Industry, Shri Piyush Goyal, in a written reply in the LokSabha today.