STRENGTHENING THE FINANCING ARCHITECTURE FOR PROJECT EXPORTS SHOULD BE A PRIORITY: PIYUSH GOYAL

Strengthening the financing architecture for project exports through innovative financing instruments and relooking regulations such as prudential norms for export credit agencies should be a priority, said Piyush Goyal, Hon’ble Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Government of India, during a summit organized by the Export-import Bank of India (Exim Bank) on the theme ‘Enhancing Global Opportunities for Indian Project Exporters’ on 5th May 2022, in New Delhi. The Summit had participation from representatives from Government of India, foreign diplomatic missions in India, multilateral financing institutions, development financing institutions, export credit agencies, credit insurance agencies, and Indian companies, among others. The Summit was attended by more than 150 participants. Addressing the participants in the Summit, Piyush Goyal highlighted the remarkable resilience of Indian exporters despite the pandemic induced disruptions. Piyush Goyal noted that the country is heading towards achievement of the larger objective of US$ 1 trillion of exports in goods and services each, and nascent sectors such as project exports would be critical for this. Informing the participants about the Government of India’s commitment to enhance market access through free trade agreements (FTAS), Piyush Goyal invited stakeholders to highlight the non-tariff barriers that they face in important project markets, so that these could be effectively addressed in FTA negotiations.