WT-ECIB Scheme Likely To Benefit 1,000 New Small Exporters: Commerce Ministry

The commerce ministry in its year-end review said that the ECGC has extended the scope of its Whole Turnover Export Credit Insurance for Banks scheme.

New Delhi: The ECGC is aiming to reduce the export credit gap through the WT-ECIB scheme, which is expected to benefit about 1,000 new small exporters, in addition to the existing 8,000-odd by facilitating the availability of adequate and affordable export finance from banks for working capital, an official statement said.

The commerce ministry in its 2024 year-end review said that the Export Credit Guarantee Corporation of India (ECGC) has extended the scope of its Whole Turnover Export Credit Insurance for Banks (WT-ECIB) scheme to export credit working capital limits up to Rs 80 crore with effect from July 1.

"ECGC aims to improve the export credit offtake for MSME exporters and reduce the export credit gap through this scheme, which is expected to benefit around 1,000 new small exporters, in addition to around 8,000 existing exporters," it added.

It also said that the India-Sri Lanka Economic and Technology Cooperation Agreement (ETCA) negotiations are ongoing with the 14th round of negotiations concluded in July.

"Except the track on goods dealing with specific lines pertaining to garments, negotiations on almost all chapters including services and Rules of Origin have been concluded," the ministry said.

India is leveraging its free trade agreement engagements to enhance services trade through these pacts by ensuring certainty in market access, non-discriminatory treatment and a transparent and objective regulatory environment.