EXIM
Work begins on credit index for MSMEs to boost funding
The Indian government is developing a 'Creditworthiness Index' to improve credit access for micro and small businesses. The index will rate companies across industries using common parameters, assisting lenders in evaluating borrowers with limited financial history. This initiative is part of a larger plan to enhance credit access and support MSME growth.
Rail container traffic to get own terminals
India is establishing 23 exclusive container rail terminals to enhance the movement of export-import cargo. Private concessionaires will receive favorable financial terms to develop these terminals, which will prohibit bulk cargo handling. The initiative aims to boost container loading on Indian Railways and increase revenue.
Exim Bank sees merchandise, non-oil, jewellery exports rising in third quarter
The growth in exports is attributed to factors like India¡¯s continued strong economic activity due to sustained momentum in the manufacturing and services sectors.
Q3 goods exports seen growing 1.85% on-yr: EXIM Bank
India's merchandise exports will grow to $107.5 billion in the third quarter of FY25. Non-oil exports will see a significant rise. The growth is driven by strong economic activity and improving demand from trading partners. Exim Bank predicts this growth to continue in the last quarter. However, global economic uncertainties and geopolitical factors pose risks to the outlook.
SBI and India Exim Bank filling trade financing gap in Africa
In a bid to fill trade finance gaps in African countries, the State Bank of India and India Exim Bank are supporting businesses by providing credit lines and trade loans. These initiatives, which complement rather than compete with each other, aim to aid smaller corporates and enhance cross-border trade post-COVID-19.
Jawaharlal Nehru Port posts 16.49 pc growth in container traffic at 596,790 TEUs in Sep
Jawaharlal Nehru Port reported a 16.49% increase in container traffic with 596,790 TEUs handled in September 2024, compared to the previous year's 512,316 TEUs. Total port traffic rose 6.14% to 7.38 million tons. The port attributes its consistent growth to efficient terminal operations aligned with international standards.
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Who are RBI MPC's new members? Know all about the fresh faces in Shaktikanta Das' team
The RBI's Monetary Policy Committee, led by Governor Shaktikanta Das, has appointed Ram Singh, Nagesh Kumar, and Saugata Bhattacharya as new external members. They will contribute to shaping India's monetary policies. The committee will hold a significant meeting on October 9, addressing crucial economic decisions for the country.
View: India needs a more national interest-driven and holistic strategy towards Africa
Over 75 years, India has built credible eco-political institutions from the central bank to EXIM banks to EC, and stock markets, Aadhaar, UPI, Jan Dhan, DBT, India Stack and startup ecosystem. Most African countries are interested in leveraging or upgrading their ecosystems with such innovations. This could anchor bilateral economies.
US-India partnership to solve global challenges, advance growth: DFC official
India and the United States are collaborating to address local and global challenges, according to Nisha Biswal of the US International Development Finance Corporation. During her visit to India, she announced USD 70 million in new investments for affordable home loans and vaccine manufacturing. Biswal also engaged with business leaders and government officials to discuss various cooperation initiatives.
Kolkata port announces launch of cargo services between Haldia and UAE
The Syama Prasad Mookerjee Port in Kolkata has launched the Bengal Middle East Express, a new container service linking Haldia Dock Complex with Jebel Ali Port in the UAE. This service aims to improve transit time and cost efficiency for regional traders by bypassing traditional transshipment ports.
JNPA to scale up its container handling capacity to 10 million twenty TEU by April next year
Jawaharlal Nehru Port (JNPA) is set to expand its container handling capacity to 10 million TEUs by April next year, announced Union Minister Sarbananda Sonowal. The port will also develop new liquid cargo berths under a Public-Private Partnership model, increasing its capacity to 11 MMTPA. Recent developments include the signing of MoUs, increased revenue from e-auctions, and the issuance of Letters of Intent to SEZ concessionaires. Additionally, a WhatsApp chatbot for local workforce development was launched, reflecting the port's commitment to improved infrastructure and eco-friendly operations.
Q2 goods exports seen 4.2%: EXIM Bank
¡°Positive growth in India¡¯s exports could be as a result of India¡¯s continued strong economic activity backed by sustained momentum in manufacturing and services sector, expected global monetary easing and improving demand prospects in trading partners,¡± the bank said in a statement.
Merchandise exports to hit $111.7 bn, non-oil exports at $89.8 bn in Q2 FY25: Exim Bank
India Exim Bank projected that India's total merchandise exports could reach USD 111.7 billion in Q2 FY2025, a 4.2% y-o-y growth. Non-oil exports are anticipated to touch USD 89.8 billion, showing a 6.26% growth. The forecast highlighted economic momentum but also noted risks from geopolitical tensions and supply chain issues.
EAM Jaishankar, his Maldivian counterpart to soon commence handing over projects funded by India to Maldives
Maldivian Foreign Affairs Minister Moosa Zameer and External Affairs Minister S Jaishankar are set to begin the handover ceremony of the reclamation and shore protection project and the inauguration of the 4-lane Detour Link road project. Both projects are facilitated by the Indian government under the LoC of EXIM Bank. Moosa Zameer emphasized that these projects will contribute to the development and prosperity of Addu City.
EAM S Jaishankar to launch India-funded projects as Maldives looks to heal relationship
External Affairs Minister S. Jaishankar is set to visit the Maldives for three days starting Friday, marking his first trip to Male since President Mohamed Muizzu's election last year. The visit aims to mend strained relations and will feature the inauguration of projects funded by India's High Impact Community Development Projects and EXIM Bank's Line of Credit.
Adani upbeat on its India ports biz, expects volumes to double in 5 years
The ports business has been seeing exponential growth in the past few years, and Adani expects the trajectory to continue. "Currently, the split between our ports and logistics segment is 70:30, and we expect the same to continue because while our logistics segment is growing, so is our ports segment, and that too at a much faster pace," he said. Revenue from the ports segment grew to Rs 20,972 crore in FY24, from Rs 17,304 crore in the previous year. On the other hand, revenue from the logistics segment grew to Rs 2,079 crore from Rs 1,744 crore in the same period.
EXIM Bank enters into $2.5 million Line of Credit agreement with Guyana
EXIM Bank of India signed a $2.5 million credit line with Guyana for a solar plant at Cheddi Jagan International Airport, effective June 24, 2024. 75% Indian goods, works, and services; 25% can be external. Signed February 29, 2024. Disbursement is within 48 months of project completion, the Reserve Bank of India noted.
Sri Lanka survived two tough years of economic crisis; possibly because of India's support: President Wickremesinghe
Sri Lanka's President Ranil Wickremesinghe expressed gratitude for India's financial support of USD 3.5 billion, helping the country survive an economic crisis. Wickremesinghe emphasised a strong partnership with India, focusing on sustainable energy projects and infrastructure development. Sri Lanka recently declared its first-ever sovereign default, but is working on debt restructuring with international organisations. Wickremesinghe is optimistic about the country's economic recovery.
India¡¯s EXIM Bank opens East Africa office to boost business & trade in continent
The Export-Import Bank of India (India Exim Bank) has opened an East Africa Representative Office in Nairobi to enhance India's business presence in the region. This move is expected to boost trade and investment between India, Kenya, and East Africa. Merchandise trade between India and East Africa has seen significant growth, reaching US$12.9 billion in 2022. India Exim Bank plays a crucial role in financing India's international trade and investment and has supported ventures in 14 African countries under its Overseas Investment Finance Programme.
Increasing FTAs key strategy for enhancing financial services exports: DFS Secy
Financial Services Secretary Vivek Joshi emphasized the importance of increasing Free Trade Agreements (FTAs) to boost India's financial services exports during a workshop on financial services in FTAs. The event, jointly organized by the Department of Financial Services (DFS) and Exim Bank, aimed to explore the role of financial services in FTAs and their impact on global trade and economic development.
Exim posts 62% rise in profits, to raise over Rs 60,000 crore from local markets this year
In terms of the non-performing assets (NPAs), the Gross NPAs declined significantly from 4.09% as on March 31, 2023 to 1.93% as on March 31, 2024, ¡° we had very few incremental NPAs¡± said the bank¡¯s managing director Harsha Bangari ¡± Even the incremental NPAs¡¯ were reduced. We have a provision coverage ratio of 97 percent¡±.
Fitch Ratings affirms EXIM Bank's rating; outlook stable
Fitch Ratings on Friday affirmed the Export-Import Bank of India's (EXIM Bank) rating with a stable outlook, reflecting its high strategic importance to the state.
India Exim Bank sees 12.3% year-on-year goods exports growth in Q1 FY25
The World Trade Organization (WTO) has predicted global goods trade to slowly recover in 2024 following a contraction last year. The volume of world merchandise trade is projected to increase by 2.6% in 2024 and 3.3% in 2025 after falling 1.2% in 2023, the WTO said last month but cautioned that regional conflicts, geopolitical tensions and economic policy uncertainties pose substantial downside risks to the forecast.
Indian exports up in 115 nations out of 238 destinations in 2023-24
Despite global economic uncertainties, India's exports increased to 115 countries out of 238 destinations in 2023-24. The merchandise exports slightly declined by 3% to USD 437.1 billion, while services exports rose to USD 341.1 billion. Overall exports (goods and services) reached USD 778.2 billion. India's rank in world merchandise exporters improved from 19th to 17th, with a marginal increase in share from 1.70% in 2014 to 1.82% in 2023.
India-Russia joint venture to manage strategic Sri Lanka airport
A joint venture between an Indian and a Russian firm has won a 30-year contract to manage Sri Lanka's Mattala Rajapaksa International Airport, located near Hambantota. The airport, once known as the "world's emptiest airport," was built at a cost of $209 million. This marks the second India-Russia joint project in India's neighborhood, following the Roopur nuclear power plant in Bangladesh. The airport's management contract was awarded to the JV of Shaurya Aeronautics (Pvt) Ltd of India and Russia's Airports of Regions Management Company after the Sri Lankan Cabinet called for expressions of interest.
Indian company to manage Sri Lanka's China-funded airport
Sri Lanka plans to transfer management of its Chinese-built Mattala Rajapaksa International Airport to Indian and Russian companies to mitigate losses. The airport, funded by China EXIM Bank, has faced operational challenges since 2013. Sri Lanka is also seeking to restructure its loan with China EXIM Bank amid financial crisis.
Red Sea Crisis: RBI and IRDAI asked to help limit impact on exports
In a letter, which was also addressed to state-run export finance institution Exim Bank, the finance ministry last month told the RBI and Insurance Regulatory and Development Authority of India (IRDAI) to monitor and look into the concerns raised by exporters with the commerce ministry about these disruptions potentially inflating India's export costs, officials said.
Raghuvir Exim files IPO papers with Sebi
? Textile company Raghuvir Exim Ltd has filed preliminary papers with markets regulator Sebi to raise funds through an initial public offering (IPO). The fresh capital will be used to fund expansion plans, it said.
Guyana signs LoC with India to purchase aircraft for its military
Guyana Defence Force enhances security capabilities with HAL (Dornier) 228 planes from India for maritime patrols and troop movement, supported by a $23.27 million loan. The collaboration aims to strengthen defence and ensure peace.
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