Govt will soon come out with credit scheme for exporters with upto 90% enhanced insurance cover: Piyush Goyal

New Delhi: Union Minister of Commerce & Industry and Railways Piyush Goyal on Thursday said that government will soon be coming out with a credit scheme for exporters with enhanced insurance cover upto 90 percent instead of the present 60 percent.

Addressing the 2nd meeting of the Board of Trade in New Delhi, Goyal said, there has not been much growth in exports this year and it is not satisfactory as India has a huge potential for exports due to the trade dispute between US and China.

The US-China trade dispute has provided a window of opportunity to Indian manufacturers for taking up exports of products to US or China where the higher tariffs have been imposed on imports from the other country, he added.

“We have a trade surplus of USD 17 billion with USA while we have a trade deficit of USD 53 billion with China”, added the Goyal.

He also emphasised that India needs to work on its strengths by exploring market access for agriculture and pharma products in different regions.

Goyal also talked about the merger of 10 PSU banks. He said that the merger will now enable them to disburse enhanced credit, raise their risk appetite and to raise resources from the market.

He further added that Rs 70,000 crore will be released to PSBs upfront and additional lending and liquidity to the tune of Rs 5 lakh crorethat will benefit corporate, retail borrowers, MSMEs, small traders and exporters.

All pending GST refunds due to MSMEs will be paid within 30 days and improved One Time Settlement policy will benefit MSMEs and retail borrowers in settling their overdue, Goyal added.