Indian Traditional knowledge can Enable the Sustainable Development: Padma Shree Chaitram Pawar at India Exim Bank’s Seminar
India Exim Bank along with Asian Development Bank (ADB), Japan International Cooperation Agency (JICA) helps Shriram Finance Limited (SFL) raise USD 306 mn
A 1% tariff reduction in female labour-intensive sectors could yield welfare gains of 3.6%: Exim Bank Study
India Exim Bank forecasts India’s merchandise exports to amount to US$ 124.8 bn and Non-oil exports to amount to US$ 109.3 bn for Q4 (January-March) of FY2025
India Exim Bank & Kala Ghoda Arts Festival join forces to celebrate a vibrant intersection of art and culture.
Exim Bank Announces the Winner of IERA Citation 2023
Exim Bank opens debt markets with USD 1 billion bond at tightest spread ever from India
India Exim Bank forecasts India’s merchandise exports to amount to US$ 107.5 bn and Non-oil exports to amount to US$ 91.7 bn for Q3 (October-December) of FY2025
India Exim Bank Announces the Winner of the BRICS Economic Research Citation for 2024
India Exim Bank inks pact with Nedbank Limited, South Africa
India’s famed Khurja pottery gets a digital makeover
India Exim Bank forecasts India’s merchandise exports to amount to US$ 111.7 bn and Non-oil exports to amount to US$ 89.8 bn for Q2 (July-September) of FY2025
Exim Bank transfers ₹ 252 crore balance of profit to GoI
Ms. Deepali Agrawal takes charge as Deputy Managing Director of India Exim Bank
INDIA EXIM BANK OPENS ITS EAST AFRICA REPRESENTATIVE OFFICE IN NAIROBI, KENYA
Workshop on: Financial Services in Free Trade Agreements
Exim Bank reports 62% growth in profit. Corporate loan book records 49% y-o-y growth; loan assets grow by 17%
India Exim Bank forecasts India’s merchandise exports to amount to US$ 116.7 bn and Non-oil exports to amount to US$ 93.9 bn for Q1 (April-June) of FY2025
India Exim Bank forecasts India’s merchandise exports to amount to US$ 118.2 bn and Non-oil exports to amount to US$ 95 bn for Q4 (January-March) of FY2024
EXIM BANK EXTENDS LINE OF CREDIT OF USD 23.37 MILLION TO THE GOVERNMENT OF COOPERATIVE REPUBLIC OF GUYANA
Export-Import Bank of India (India Exim Bank) organised a seminar in Hindi on “Indian Knowledge System: Environment and Sustainable Development” under the aegis of Bank, Town Official Language Committee (TOLIC), Mumbai on Monday, March 10, 2025. Environment and social activist, Padma Shri Chaitram Pawar was present as the chief guest of the programme. Sh. Arindam Das Gupta, founder and CEO of Tamul Plates Marketing Pvt. Ltd.; Ms. Jaimala Gupta, founder of a social enterprise Anoothi; Sh. Apurva Bhandari, founder of Sankalptaru Foundation; Ms. Nidhi Jamwal, senior environment journalist and Ms. Yamini Shah, Associate Director, School of Civilization, Somaiya University, Mumbai were present as speakers for the event.
Ms. Harsha Bangari, Managing Director, India Exim Bank, and Ms. Deepali Agarwal, Deputy Managing Director, India Exim Bank and Sh. Chaitram Pawar inaugurated the seminar along with the guests and Sh. Girish Thorat, Chairman, TOLIC. Senior officials of various banks, financial institutions, and insurance companies, member institutions of TOLIC Undertakings, based in Mumbai, were especially present in the seminar. Professors and students from various colleges based in Mumbai also participated in the seminar.
During the seminar, the speakers deliberated on various aspects of environment, sustainable lifestyle inherited in Indian traditions, challenges being faced by the communities, honing the local skills of local women to integrate them in the value chain, and role of Indian languages in sustainable development. Padma Shri Chaitram Pawar highlighted the role of local resources in achieving 16 goals out of the 17 Sustainable Development Goals in his village Baripada in Dhule district of Maharashtra with the help of villagers. He opined that Jal, Jungle, Zameen, Jan and animal husbandry are the utmost need of the human existence and Indian traditional knowledge and Indian villages have the resources that can enable the sustainable development.
On this occasion, Ms. Harsha Bangari, Managing Director of the Bank noted that “In Indian culture, nature has always been honored as mother nature. Indianness is all about maintaining harmony with the nature. In today's world, as we face severe challenges like climate change, India's age-old practices combined with modern innovations can offer effective solutions.”
‘Taru Sankalp’ of India Exim BankIn order to contribute towards increasing the forest area and giving a sustainable livelihood to the local farmers, India Exim Bank announced to plant two trees on behalf of each participant of the seminar through SankalpTaru Foundation, which is an IT-enabled, environmentally-focused NGO involved in planting and nurturing trees.
About India Exim Bank and TOLICIndia Exim Bank was set up in 1981 by an Act of Parliament and is wholly owned by the Government of India. For over four decades, Exim Bank has played a crucial role in financing, facilitating, and promoting India’s international trade and investment. The Bank also supports grassroot artisans and contribute a bit in preserving the Indian cultural heritage. Whereas, Town Official Language Implementation Committee is a body under Department of Official Language, Ministry of Home Affairs, Government of India to promote the usage of Official Language Hindi in the Central Government Offices.
For More information, please contact: Mr. Navendu Bajpai, General Manager, Export-Import Bank of India, 21st floor, Centre One Building, World Trade Centre Complex, Cuffe Parade, Mumbai. Email: rajbhasha[at]eximbankindia[dot]in
Mumbai, 18 March 2025: Export-Import Bank of India (India Exim Bank) is happy to announce successful participation in fund raising of USD 306 mn by Shriram Finance Limited (SFL) along with co-financers – Asian Development Bank (ADB) and Japan International Cooperation Agency (JICA). India Exim Bank’s loan is intended to support MSMEs with an export orientation. This is the first time three development financial institutions viz. India Exim Bank, ADB and JICA have come together to finance a private sector deal. Speaking on the occasion, Ms. Trupti Mhatre, General Manager, India Exim Bank, stated, “we are happy to be a part of this collaboration. This funding will help SFL identify and support more such MSMEs, among others, who are exporting various goods and services from India. She also mentioned about India Exim Bank’s Trade Assistance Programme (TAP) under which the Bank has identified 73 countries across continents for supporting India’s trade”.
Under TAP, the Bank supports various trade instruments, including LC confirmation and negotiation. It also provides credit enhancement to Indian partner banks by way of issuing SBLCs and Risk participation. TAP will help SFL’s clients to unlock the export potential and diversify its export destination
Lowering trade barriers in sectors with relatively high female employment can significantly boost economic growth and welfare, according to a recent study by the Export-Import Bank of India (Exim Bank). The Study finds that a 1% reduction in tariffs faced by India’s exports in sectors that are relatively more important for the female workforce could lead to a 0.36% increase in labour supply in the country and a 0.14% increase in GDP. The overall welfare gains from such a tariff reduction are estimated to be nearly 3.6%.
Exim Bank’s study examines the female labour force participation in export-intensive sectors in the Indian context. According to the study, a higher proportion of female employees in India are engaged in low-technology and resource-intensive sectors such as food and beverages, leather products, and textiles and apparel etc., that leave them disproportionately exposed to fluctuations in global demand and commodity price shocks. The Study also highlights that sectors which employ women more, typically face higher tariffs on inputs, indicating the need to seek tariff relaxation in such sectors.
The Study suggests actionable strategies to enhance women’s participation in trade and promote women’s economic empowerment. These strategies include mainstreaming gender consideration in trade agreements; enhancing implementation of women-centric trade facilitation measures; leveraging e-commerce for enhancing market access for women; promoting women as suppliers through public procurement; enhancing women’s access to export finance; addressing gaps in gender-disaggregated data, etc.
The Study titled ‘Trade as a Tool for Economic Empowerment of Women: An Indian Perspective’ was released by Shri M. Nagaraju, Secretary, Department of Financial Services, during an event jointly organised by Exim Bank and the World Bank, on “Women and Trade: Advancing Inclusion, Expanding Opportunities & Boosting Economic Growth”, on March 7, 2025, in Mumbai.
The event had speakers from the Government, public sector enterprises, banks, financial institutions, women businesses, academia, think-tanks and NGOs. The event was attended by more than 100 participants, including more than 60 women entrepreneurs.
Speaking on the occasion, Shri M. Nagaraju emphasised the Government of India’s commitment to women’s economic empowerment, highlighting the increasing share of Gender Budget in the Union Budget, policy focus on gender inclusivity in trade facilitation, and proactive efforts for enhancing financial inclusion. He noted that women are key beneficiaries under the Pradhan Mantri Mudra Yojana, and also benefit from additional coverage available under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
Ms. Anna Wielogorska, Regional Procurement Manager (South Asia), World Bank, in her address highlighted some of the barriers for women entrepreneurs in public procurement. She highlighted World Bank’s efforts to enhance participation of women and also commended the efforts taken by the Government of India in making public procurement more accessible to women.
In her address, Ms. Harsha Bangari, Managing Director, Exim Bank, further underscored the role of trade in advancing gender equality. Ms. Bangari highlighted the efforts and initiatives undertaken by Exim Bank at the grassroots level for unlocking economic and social prosperity for women artisans. Ms. Bangari also informed that the Bank is actively working on developing a dedicated financing programme for strengthening export capabilities of women entrepreneurs.
The event had dedicated panel discussions on topics such as unlocking opportunities for women in international trade, enhancing participation of women in public procurement, and addressing financing challenges for women-owned/led/employing businesses.
For further information, please contactMr. T D Sivakumar, Chief General Manager, Export-Import Bank of IndiaCenter One Building, Floor 21, World Trade Center Complex, Cuffe Parade, Mumbai 400 005Telephone: +91 22-22172829, E-mail: sivakumar[at]eximbankindia[dot]in
Export-Import Bank of India (India Exim Bank) forecasts India’s total merchandise exports to amount to US$ 124.8 bn, witnessing a year-on-year (y-o-y) growth of 3.64%, while non oil exports are forecast to amount US$ 109.3 bn, with a y-o-y growth of 11.34%, during Q4 (January-March) of FY2025. Non-oil and non-gems and jewellery exports are forecast to amount US$ 98.5 bn, with a y-o-y growth of 10.1%, during Q4 (January-March) of FY2025.
Positive growth in India’s exports could be as a result of strong agricultural harvest, revival in manufacturing activity and improving demand prospects in trading partners. The positive growth rate in total merchandise exports, non-oil exports, and non-oil & non-gems and jewellery exports, are likely to continue in first quarter of the next financial year. The outlook is, however, subject to risks of global trade policy uncertainty, rising geo-economic fragmentation and persisting geo-political tensions.
With these forecasts, India’s total merchandise exports for the full year for FY2025 are expected to be US$ 446.5 billion, witnessing 2.2% increase over FY2024. Non-oil exports are forecasted at US$ 382 billion, while non-oil and non-gems and jewellery exports are forecast to touch US$ 350 billion for FY2025.
Forecast of growth in India’s total merchandise exports and non-oil exports are released by Exim Bank on a quarterly basis, during the first fortnight of the months of May, August, November, and February for the corresponding quarters, based on its Export Leading Index (ELI) model. The next growth forecast for India’s exports for the first quarter of FY 2026 (i.e., April-June 2025) would be released during the first fortnight of May 2025.
The improvisations to the model and the forecast results have been reviewed by a standing technical committee of domain experts comprising Dr. Sunil Kumar, Adviser, Department of Economic and Policy Research, Reserve Bank of India, Mumbai; Professor Saikat Sinha Roy, Professor, Department of Economics, Jadavpur University, Kolkata; Professor N. R. Bhanumurthy, Director, Madras School of Economics, Chennai; and Professor C. Veeramani, Director, Centre for Development Studies, Thiruvananthapuram.
As part of its continued research initiatives, Exim Bank has developed an in-house model to generate an Export Leading Index (ELI) for India to track and forecast the movement in India’s exports on a quarterly basis. The ELI gauges the outlook for the country’s exports and is essentially developed as a leading indicator to forecast growth in total merchandise and non-oil exports of the country, on a quarterly basis, based on several external and domestic factors that could impact exports of the country.
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For further information, please contact: Mr. David Sinate, Chief General Manager/ Dr. Viswanath Jandhyala, Assistant General Manager, Research & Analysis Group, Export-Import Bank of India, 8th Floor, Maker Chamber IV, Jamnalal Bajaj Marg, Nariman Point, Mumbai 400 021; T: +91-22-2286 0363/ 0310/ 0311. E: dsinate[at]eximbankindia[dot]in/ viswanath[at]eximbankindia[dot]in
Disclaimer: The results presented above could be of interest to policy makers, researchers, and exporters, among others. These are growth forecasts from the Research and Analysis Group of India Exim Bank and do not necessarily reflect the views of India Exim Bank. The growth forecast for the quarter derived from the Export Leading Index (ELI) model may be subject to uncertainties related to growth prospects of select major trade partners, inflationary pressures, tighter global monetary and financial conditions, and geopolitical uncertainties. The model would undergo continuous improvisation with revision of recent available data and advanced forecasting methodology, incorporating comments, suggestions, and feedback from various quarters. Actual exports data are sourced from RBI’s Database on Indian Economy.
"Silver Ghoda” would see more than 60 artisans from 20 states, nurtured by India Exim Bank
Mumbai, January 25, 2025 – Ms. Harsha Bangari, Managing Director, India Exim Bank along with Ms. Brinda Miller, Chairperson of the Kala Ghoda Association inaugurated the 25th edition of Kala Ghoda Arts Festival at the Cross Maidan, Churchgate, Mumbai today. The Kala Ghoda Arts Festival, scheduled from January 25 to February 02, 2025, is celebrating its silver jubilee year, and shall showcase the rich tapestry of Indian arts and crafts while empowering rural artisans and grassroots enterprises.
India Exim Bank's decade-long commitment has benefited over 3000 master artisans in diverse crafts majority of whom have been imparted with design and skill development training programmes. In 2017, the Bank launched Exim Bazaar, a platform for strengthening and supporting outreach efforts of the India’s handicrafts and handloom sectors. Exim Bazaar, an exhibition-cum-sale of India’s traditional art and crafts, has been held across various cities such as Mumbai, Delhi, Ahmedabad, Pune and Kolkata over its nine editions till date, generating retail sales and institutional orders of over ₹ 10.50 crore. To further strengthen marketing efforts for Indian artisans, weavers and handicraftsmen, the Bank has partnered with Mumbai’s iconic Kala Ghoda Arts Festival, providing artisan communities with greater access to consumer markets and a larger canvas to showcase their art forms.
Praising the role Exim Bank plays to strengthen India’s handicraft and handloom sector, Ms. Brinda Miller, Chairperson of the Kala Ghoda Association said, “We are thrilled to collaborate with India Exim Bank as our presenting partner for the third year as we share the common goal of promoting India’s unsung artisanal crafts. As the Kala Ghoda Arts Festival has become synonymous with celebrating this cause, our partnership is a testament to our shared commitment. May our united efforts continue to yield successful ventures that showcase India’s rich cultural heritage.”
The Managing Director of India Exim Bank, Ms. Harsha Bangari, emphasising on the Bank's commitment to empower the handicraft and the handloom industries said, “India’s handicraft industry is mostly restricted to small scale with the characteristics of being mostly unorganised, labour-intensive, but with high export potential. At the same time the Indian artists involved in handloom are globally known for their unique hand-spinning, weaving, and printing style. They are based out of small towns and villages of the country which transfer skills from one generation to the next. Many a times women are involved both in handicraft and handloom. Income generated from here would help them to better themselves and provide them with the much-needed support to continue their businesses.
The Bank has been working with many such artisans for more than a decade. KGAF provides just the exact platform to showcase the unique products from across the country. We are in fact thrilled to be a part of KGAF as it turns 25 marking its silver jubilee in grand style with the theme "Silver Ghoda”. KGAF brings communities together from across India and I hope that the participants feel pride in our celebration of their skill and creativity.”
The event would boost business prospects for many individual artisans as well as micro & grassroots enterprises. With the footprint of thousands of visitors, this exhibition would provide wider visibility and brand promotion for the artisans to market their products. This would give them access to direct customers and generate future sales leads, as well as understanding consumer preferences, improve industry knowledge and discover latest trends.
Kala Ghoda Arts Festival extends beyond mere exhibitions. With more than 300 programmes across 15 verticals which includes dance, music, theatre, literature, children's workshops, cinema, and more will come alive across 25 iconic venues across Mumbai, celebrating the human spirit in all its diverse forms. Launched in 1999 by the Kala Ghoda Association, the Kala Ghoda Arts Festival is a testament to the enduring spirit of Mumbai's art district. This district, teeming with museums, galleries, and creative souls, is a heritage haven. Festival proceeds fuel the Association's ongoing restoration efforts, ensuring this artistic enclave's legacy soars for generations.
India Exim Bank, a premier financial institution owned by the Government of India with the objective of financing, facilitating, and promoting India's international trade. The Bank is dedicated towards preserving India’s handicrafts and other creative industries through programs like Grassroots Initiatives for Development and Marketing Advisory Services. The Bank assists artisans, master craftsmen, weavers, clusters, self-help groups, NGOs, grassroots and micro enterprises through capacity building, participation at trade fairs, exhibitions in India and sourcing overseas buyers and distributors. This holistic approach ensures the survival of traditional art forms, the sustenance of livelihoods, and the preservation of India's rich cultural heritage.
For further information, please contact:Mr. Dharmendra Sachan, General Manager, India Exim BankFloor 21, Centre One Building, World Trade Centre, Cuffe Parade, Mumbai 400005.Ph: +91-22-22172336 E-mail: grid[at]eximbankindia[dot]in
Presentation of India Exim Bank International Economic Research Annual Citation (IERA Citation) 2023 by Dr. V. Anantha Nageswaran, Chief Economic Adviser, Government of India, Department of Economic Affairs, Ministry of Finance, to the Citation winner, Dr. Rahul Rao in the presence of Dr. Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development (ISID), and Ms. Deepali Agrawal, Deputy Managing Director, Export-Import Bank of India at the IERA Citation Function held in New Delhi on January 20, 2025.
New Delhi: January 20, 2025: Dr. Rahul Rao was declared the winner of Export-Import Bank of India’s (India Exim Bank’s) International Economic Research Annual Citation (IERA Citation) 2023 for his doctoral thesis titled “Essays on Misallocation”. India Exim Bank’s IERA Citation 2023 was announced by Ms. Deepali Agrawal, Deputy Managing Director, India Exim Bank, at a function held on January 20, 2025, in New Delhi. The Citation comprises prize money of ` 3.5 lakh. The function was graced by Dr. V. Anantha Nageswaran, Chief Economic Adviser, Government of India, Department of Economic Affairs, Ministry of Finance, and Dr. Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development (ISID). India Exim Bank’s occasional paper based on Dr. Rao’s Citation-winning thesis was also released on the occasion.
On this occasion Dr. V. Anantha Nageswaran commended India Exim Bank for its continuous efforts to promote economic research, which contributes to effective policy formulation thereby facilitating inclusive and sustainable growth. He opined that reallocation of land to sectors performing better is important. Although higher productivity will lead to decline in agricultural prices, the food security issue will ensure better terms of trade for the farmers. Dr. Nageswaran also pointed out that land use in India is often constrained by regulations, leading to its suboptimal utilization. Concluding his remarks, he underscored the importance and contemporary relevance of Dr. Rao’s thesis for India’s growth trajectory.
Ms. Harsha Bangari, Managing Director, Export-Import Bank of India in her welcome remarks welcomed the esteemed dignitaries and participants to the function. Ms. Deepali Agrawal, in her opening address highlighted that the IERA Citation, instituted in 1989, currently in its 35th year, is given to Indian nationals for their outstanding doctoral dissertations in the area of international economics, trade, development and related financing from Indian or foreign universities. This initiative is part of the Bank's enduring commitment to promote research in the areas of contemporary relevance in international economics and acts as a catalyst to encourage further research in these areas. She emphasised that as the world witnesses post-pandemic recovery, climate change, and geopolitical shifts, the quest for sustainable and inclusive growth has never been more critical.
The Winning ThesisDr. Rahul Rao received his doctoral degree in 2023 from the Indian Institute of Management, Bangalore. The thesis was written under the supervision of Prof. Chetan Subramanian; Prof. Kunal Dasgupta; Prof. Ashok Thampy and Prof. Murali Srinivasan.
India Exim Bank’s IERA Citation India Exim Bank’s IERA Citation represents the Bank’s ongoing efforts at promoting research and analysis in the area of international economics, trade & development and related financing.
To know more about the past winners of IERA Citation, please visit: https://www.eximbankindia.in/citations.aspx
For further details please contact: Mr. David Sinate, Chief General Manager, Research & Analysis Group, Export Import Bank of India, 8th Floor, Maker Chamber IV, Jamnalal Bajaj Marg, Nariman Point, Mumbai – 400021, T: 91-22-22860310, E-mail: dsinate[at]eximbankindia[dot]in
India Exim Bank has successfully issued 10-year US$1bn Senior Unsecured Bonds in the 144A/Reg-S format. This issuance makes India Exim Bank the first Indian issuer to open the markets for dollar bond issuances in 2025.
On the back of a strong start to the year and a constructive market at Asia open, India Exim Bank capitalised on the strong demand momentum, with an intraday execution and tightening of 30 bps from the Initial Price Guidance to achieve a pricing of UST10+100 bps, with a negative new issue concession of 5 bps. This transaction also marks the tightest spread ever achieved for a 10-year public issuance out of India and the tightest ‘BBB -’ 10-year USD public issuance out of Asia ex-Japan.
In terms of geographic distribution, the bonds were well distributed, with 50% in Asia, 32% in EMEA region and 18% in the USA. In terms of distribution to investor types, the bonds were distributed to high quality investors with around 64% distributed to Asset and Fund managers, 18% to Banks, and 16% to Insurance, Pension Funds & Public Sector, followed by private banks and others.
BofA Securities, Citigroup, HSBC, J.P. Morgan and Standard Chartered Bank acted as Joint Lead Managers and Joint Bookrunners for the offering. India Exim Bank has been rated as Baa3 (Stable) by Moody's, BBB- (Positive) by S&P and BBB- (Stable) by Fitch.
Speaking on the occasion, Ms. Harsha Bangari, Managing Director of India Exim Bank, said, "We are delighted to open the debt markets for Indian issuers with the tightest spread ever achieved from India. Yet another issuance from India Exim Bank that sets the benchmark for a well-timed and quality issuance."
"India Exim Bank has been agile and continuously monitoring the market for attractive issuance windows. The quasi-sovereign nature of the Bank, strong credit profile and EMBIG index eligibility of the bonds garnered significant interest from marquee investors, with a peak order book of USD 2.7+bn. Given the quality bookbuild and the large book size, we elected to move quickly to achieve a significant price tightening by 30 bps from the initial price guidance." added Ms. Deepali Agrawal, Deputy Managing Director, India Exim Bank.
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For more information, contact:
Ms. Bakhtavar PatelGeneral Manager, Treasury & Accounts GroupIndia Exim BankCentre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005Ph: +91 22-2217 2666; E-mail: resources[at]eximbankindia[dot]in
Export-Import Bank of India (India Exim Bank) forecasts India’s total merchandise exports to amount to US$ 107.5 bn, witnessing a year-on-year (y-o-y) growth of 1.85%, while non-oil exports are forecast to amount US$ 91.7 bn, with a y-o-y growth of 7.39%, during Q3 (October-December) of FY2025. Non-oil and non-gems and jewellery exports are forecast to amount US$ 82.7 bn, with a y-o-y growth of 7.8%, during Q3 (October-December) of FY2025. 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, improving demand prospects in trading partners, supported by expected global monetary easing. The outlook is, however, subject to risks of global uncertain prospects in select advanced and emerging economies, geoeconomic fragmentation, the middle east and west Asia crisis, risk of intensification of protectionist policies, and global supply chain disruptions, among other factors. The positive growth rate in total merchandise exports, non-oil exports, and non-oil & non-gems and jewellery exports, are likely to continue in last quarter of the financial year.
Forecast of growth in India’s total merchandise exports and non-oil exports are released by Exim Bank on a quarterly basis, during the first fortnight of the months of May, August, November, and February for the corresponding quarters, based on its Export Leading Index (ELI) model. The next growth forecast for India’s exports for the 4th quarter of FY 2025 (i.e., January-March 2024) would be released during the first fortnight of February 2024.
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For further information, please contact:Mr. David Sinate, Chief General Manager/ Dr. Viswanath Jandhyala, Assistant General Manager, Research & Analysis Group, Export-Import Bank of India, 8th Floor, Maker Chamber IV, Jamnalal Bajaj Marg, Nariman Point, Mumbai 400 021; T: +91-22-2286 0363/ 0310/ 0311. E: dsinate[at]eximbankindia[dot]in/ viswanath[at]eximbankindia[dot]in
Ms. Harsha Bangari, Managing Director, Export-Import Bank of India (Exim Bank), announced Dr. Hugo Pereira as the winner of Exim Bank’s BRICS Economic Research Citation for 2024, during the BRICS Financial Forum 2024, hosted by the State Development Corporation VEB.RF on October 21, 2024.
The Forum which was held in a hybrid format, saw the participation of the heads/ senior executives of member development banks of the BRICS Interbank Cooperation Mechanism viz. the Brazilian Development Bank (BNDES); State Development Corporation (VEB.RF); China Development Bank (CDB); Export-Import Bank of India (Exim Bank) and Development Bank of Southern Africa (DBSA), along with the New Development Bank (NDB) and Bank Melli Iran. The Citation comprises prize money of Indian Rupees 1.5 million, and a medal, sponsored by Exim Bank. Exim Bank’s Occasional Paper titled “Essays on Exchange Rate and Economic Performance” based on the Citation winner’s doctoral thesis was also released during the Forum at the hands of Ms. Harsha Bangari, Managing Director, Export-Import Bank of India.
The Winning ThesisDr. Pereira received his doctoral degree in 2021 from the Federal University of Minas Gerais, Brazil for his doctoral dissertation titled “Essays on Exchange Rate and Economic Performance”. The thesis was written under the supervision of Professor Fabrício José Missio at the Federal University of Minas Gerais.
The BRICS Economic Research CitationIn the context of India’s Chairmanship of the BRICS Forum during 2016, and under India Exim Bank’s Presidency of the BRICS Interbank Cooperation Mechanism (ICM), India Exim Bank instituted the BRICS Economic Research Citation in March 2016. The objective of the Citation is to stimulate and encourage advanced doctoral research on economics related topics of contemporary relevance to the member nations of BRICS.
The BRICS Economic Research Citation represents India Exim Bank’s on-going efforts at promoting research in the area of international economics, trade & development and related financing. The Citation accepted as entries, doctoral thesis written by nationals of any of the ten member nations of BRICS, who have been awarded a doctorate or accepted for award of a doctorate from any University or academic institution globally. The details of the Citation were disseminated globally through advertisements in print and electronic media.
October 21, 2024
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For further details please contact: Mr. David Sinate, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: +91-22- 2286 0363; Fax: 022- 2218 0743; E-mail: dsinate[at]eximbankindia[dot]in
Signing of the Master Risk Participation Agreement by Mr. T. D. Sivakumar, Chief General Manager, India Exim Bank and Mr. Yudhvir Harrilal, Divisional Executive, IFI, Nedbank Limited at Johannesburg, South Africa
South Africa, September 2, 2024 –
Export-Import Bank of India (India Exim Bank) has signed a Master Risk Participation Agreement (MRPA) with Nedbank Limited (Nedbank), South Africa, under India Exim Bank’s Trade Assistance Programme (TAP), for supporting trade transactions. The agreement was signed on September 2, 2024, in Johannesburg, South Africa by Mr. T.D. Sivakumar, Chief General Manager of India Exim Bank and Mr. Yudhvir Harrilal, Divisional Executive, International Financial Institutions (IFI), Nedbank.
India Exim Bank, through its global network of offices and wide range of financial, advisory and capacity building activities, has strived to play a catalytic role, as a key player, in promoting India’s international trade and investment relations with partner countries, while contributing to the internationalisation endeavours of Indian businesses.
Under TAP, India Exim Bank provides credit enhancement to trade instruments, thereby augmenting the capacity of commercial banks/financial institutions to undertake cross-border trade transactions involving markets where trade lines are constrained, or where the potential has not been harnessed.
During the signing of the agreement, Mr. Sivakumar highlighted that over the last few months, India Exim Bank has supported multiple trade transactions with several countries in Asia, Africa, Latin America, among others under TAP, covering a wide range of sectors including agriculture, automotive parts, capital and engineering goods, food, iron & steel, textiles, among others. With the increasing diversification of India’s global trade towards developing countries, African countries have emerged as significant trade partners for India. As per Ministry of Commerce and Industry, India’s total trade with Africa amounted to USD 83.4 billion in FY 2023-24. The conclusion of MRPA with Nedbank opens up opportunities to facilitate incremental trade between India and Africa. Such support towards trade facilitation would complement and strengthen the growing economic engagement between India and Africa.
About India Exim Bank - India Exim Bank was set up in 1982 by an Act of Parliament and is fully owned by the Government of India. It is the principal financial institution for coordinating the working of institutions engaged in financing exports and imports. India Exim Bank, has over the years, played a catalytic role in facilitating India’s integration with the global economy by promoting, financing and facilitating India’s international trade and investment. The Bank’s range of programmes have helped Indian enterprises become competitive and develop a global footprint.
About Nedbank - Nedbank Limited, is a wholly owned & principal banking subsidiary of the Nedbank Group. Nedbank Group Ltd. (listed on JSE) is Africa’s 4th largest bank, offering a range of banking- retail, business, wealth, corporate and investment solutions to customers and clients in South Africa. Nedbank Group is also operating in African regions- Lesotho, Mozambique, Eswatini and Zimbabwe, through its subsidiaries.
For further information, please contact:
India Exim BankMs. Trupti Mhatre General ManagerExport-Import Bank of IndiaCentre One Building, Floor 21,World Trade Centre Complex, Cuffe Parade,Mumbai 400005, IndiaTel: +91-22-2217-2308E-mail: tap[at]eximbankindia[dot]in
Nedbank Ltd.Mr. Yudhvir Harrilal Divisional Executive , IFI Nedbank Limited , South Africa135, Rivonia Road , Sandown Sandton, Johannesburg, South AfricaTel: +27-11-294 4444/ +27-10-234 3285E-mail: YudhvirH[at]Nedbank[dot]co[dot]za
India Exim Bank supports the Khurja Pottery Manufacturer’s Association for setting up a 3D design studio in Khurja, Bulandshahar district of Uttar Pradesh.
August 23, 2024 Export-Import Bank of India (India Exim Bank), under its Grassroots Initiatives for Development (GRID) programme, has engaged with Khurja Pottery Manufacturers Association (KPMA) to establish a 3D Design Studio. Earlier this year, the Bank organised a design development workshop for 25 master artisans, in association with National Institute of Design, working in this sector in Khurja. The objective of the programme is to empower local pottery makers and artisans in Khurja with advanced design skills and technologies for making their products globally competitive. Khurja boasts over 300 manufacturing units engaged in tableware crockery and technical ceramics, that provide employment to more than 30,000 skilled and unskilled workers.
The design studio was inaugurated today at Khurja, by Ms. Harsha Bangari, Managing Director, India Exim Bank, in the presence of Mr. Ravi Rana, President, KPMA; Mr. Darshan Chhatwal, Vice President, KPMA; Mr. Savan Kumar Sharma, Scientist & Head of Central Glass and Ceramic Research Institute, Khurja Centre (CGCRI); Mr. Ashutosh Singh, General Manager, District Industry Centre; and Ms. Deepali Agrawal, Deputy Managing Director, Exim Bank.
Design development has long been a critical challenge for Khurja pottery, which is renowned for its heritage potters, limiting their ability to create innovative and marketable products. This also has been limiting their potential to produce potteries which are in sync with the market demand. The Bank’s support to set up a 3D Design Studio addresses this challenge by providing access to advanced design tools and expertise and promises to catalyse the growth of the age-old industry and improve its export potential.
The 3D design studio offers several benefits to the 250+ local pottery units who are members of KPMA, by providing access to state-of-the-art technology and expert guidance. The studio will empower them to experiment with new designs, reduce production costs, and improve the overall quality of their products. Further, the studio's training programme equips pottery makers with the skills necessary to create intricate designs and patterns that are both aesthetically pleasing and commercially viable. The contemporary designs developed have an international appeal. The potters of Khurja have been able to secure orders from global brands and the Bank has also supported them by enabling their participation in prestigious art festivals such as Kala Ghoda Arts Festival.
During the inauguration of the studio, Ms. Bangari emphasised the Bank's unwavering commitment to supporting micro, small, and medium enterprises (MSMEs) in Uttar Pradesh. She highlighted the 3D design studio's role in modernising the ceramic industry, enabling local manufacturers to elevate their design capabilities and compete effectively in the global market. Recognising the export potential of these MSMEs in the state, the Bank has recently opened its regional office in Lucknow. Ms. Bangari also mentioned about the support provided by Bank’s GRID programme to several clusters in UP through organising skill development training programs for weavers of Banarasi Silk sarees and Zari Zardozi artisans and sponsoring the participation of several artisans in renowned festivals like the Surajkund International Craft Mela, Kala Ghoda Arts Festival, and the Bank's flagship event, Exim Bazaar.
The Bank envisages to provide a holistic and sustainable intervention and therefore besides setting up a 3D design studio, it has also installed solar panels and provided trained technicians in collaboration with the National Institute of Design (NID), Ahmedabad.
India Exim Bank, through its Grassroots Initiatives for Development (GRID), and Marketing Advisory Services (MAS) programmes, has actively supported artisans, master craftsmen, weavers, clusters, self-help groups, NGOs, grassroot and micro-enterprises, for their various needs through capacity-building, setting up common facility centres, augment operational efficiencies, achieve higher value addition, and widen market access to support and build international linkages for such entities. The 3D Design Studio demonstrates Exim Bank's continued commitment to foster economic growth and development in India's hinterland.
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For further information, please contact: Mr. Dharmendra Sachan, General Manager, Export-Import Bank of India, Centre One Building, Floor 21, Cuffe Parade Mumbai 400 025; Phone: +91-22-22172336; E-mail: grid[at]eximbankindia[dot]in
Export-Import Bank of India (India Exim Bank) forecasts India’s total merchandise exports to amount to US$ 111.7 bn, witnessing a year-on-year (y-o-y) growth of 4.2%, while non oil exports are forecast to amount US$ 89.8 bn, with a y-o-y growth of 6.26%, during Q2 (July-September) of FY2025. 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 outlook is, however, subject to risks of uncertain prospects for advanced economies, geopolitical shocks, the middle east crisis, global supply chain disruptions and deepening geoeconomic fragmentation, among other factors. The positive growth rate in total merchandise exports and non-oil exports, as witnessed in the previous three quarters, are likely to continue.
Forecast of growth in India’s total merchandise exports and non-oil exports are released by Exim Bank on a quarterly basis, during the first fortnight of the months of May, August, November, and February for the corresponding quarters, based on its Export Leading Index (ELI) model. The next growth forecast for India’s exports for the 3rd quarter of FY 2025 (i.e. October-December 2024) would be released during the first fortnight of November 2024.
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For further information, please contact: Mr. David Sinate, Chief General Manager/ Dr. Viswanath Jandhyala, Assistant General Manager, Research & Analysis Group, Export-Import Bank of India, 8th Floor, Maker Chamber IV, Jamnalal Bajaj Marg, Nariman Point, Mumbai 400 021; T: +91-22-2286 0363/ 0310/ 0311 E: dsinate[at]eximbankindia[dot]in/ viswanath[at]eximbankindia[dot]in
Disclaimer: The results presented above could be of interest to policy makers, researchers, and exporters among others. These are growth forecasts from the Research and Analysis Group of India Exim Bank and do not necessarily reflect the views of India Exim Bank. The growth forecast for the quarter derived from the Export Leading Index (ELI) model may be subject to uncertainties related to growth prospects of select major trade partners, inflationary pressures, tighter global monetary and financial conditions and geopolitical uncertainties. The model would undergo continuous improvisation with revision of recent available data and advanced forecasting methodology, incorporating comments, suggestions and feedback from various quarters. Actual exports data are sourced from RBI’s Database on Indian Economy.
Caption: Ms. Harsha Bangari, Managing Director, along with Mr. Tarun Sharma and Ms. Deepali Agrawal, Deputy Managing Directors, Exim Bank, presenting the receipt of transfer of balance of net profit of ₹ 252 crore to Smt. Nirmala Sitharaman, Hon’ble Minister of Finance and Corporate Affairs, Government of India, in the presence of Dr. Abhijit Phukon, Economic Adviser, Department of Financial Services
July 10, 2024: Ms. Harsha Bangari, Managing Director, Export-Import Bank of India (Exim Bank / the Bank), presented the transfer receipt of ₹ 252 crore to Hon’ble Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, representing the balance of net profit for the financial year ended March 31, 2024, transferred to the Government of India.
During FY 2023-24, the Bank reported significant growth across key business performance parameters, reflecting the commitment to support India’s trade and investment, and developmental priorities of partner countries. The Bank posted a net profit of ₹ 2518 crore in FY 2023-24, registering an increase of 62% over the previous year. In the last five years, the Bank has transferred an amount of ₹ 519.34 crore as balance of net profit to the Government of India. The Bank’s paid-up capital is entirely subscribed by the Government of India.
Exim Bank is India’s national export credit agency, fully owned by the Government of India. The Bank is engaged in financing, facilitating and promoting India’s two-way international trade and investment, and seeks to enhance the international competitiveness of Indian enterprises.
______________________For more information, contact:T. D. Sivakumar, Chief General Manager, International Relations & Corporate Communications Groups, Center One Building, Floor 21, World Trade Center Complex, Cuffe Parade, Mumbai 400 005; Ph: +91-22-22172829; E-mail: sivakumar[at]eximbankindia[dot]in
June 28, 2024: Ms. Deepali Agrawal took charge as the Deputy Managing Director of India Exim Bank today. Prior to this she was the Chief Financial Officer of the Bank. With close to three decades of experience, she has worked in different capacities, at both domestic and international offices of the Bank. Having worked in diverse areas like treasury and accounts, corporate banking, project exports, communications and brand management, upliftment of grassroots enterprises, human resources management and recovery, she has successfully delivered the organisational goals. She has also headed the Bank’s Western Region Regional Office and Singapore Representative Office.
Ms. Agrawal is a qualified assessor for the Confederation of Indian Industry-Exim Bank Award for Business Excellence, which was instituted with the aim of enhancing the competitiveness of Indian companies. As a nominee director, she has been on the Board of several companies in diverse sectors. She has participated as a working group member at government-level committees related to policy development, contributing to policy evolution across diverse areas. Her key achievements include enhancing the Bank’s brand image and visibility, besides the upliftment of the grassroots level artisans and women empowerment through ideating, conceptualising, and implementing new initiatives. She has also contributed to building the asset base, raising resources, increasing income and has been instrumental in substantial recoveries for the Bank.
Ms. Agrawal joined the Bank in 1995 after completion of her master’s in management studies, with specialisation in finance, from the Jamnalal Bajaj Institute of Management Studies, Mumbai, and her graduation in commerce. She attended the 2018 cohort of Kellogg School of Management’s Women’s Senior Leadership Program. She has also undergone the Leadership Development Programme for Senior Management of Public Sector Banks organised by Banks Board Bureau.
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For more information, contact:Mr. Gaurav BhandariChief General Manager, Corporate CommunicationsCentre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005; Ph: +91 022-2217 2829; E-mail: ccg[at]eximbankindia[dot]in
Export-Import Bank of India (India Exim Bank) on May 31, 2024, inaugurated the East Africa Representative Office in Nairobi, Kenya in the gracious presence of H.E. Dr. Musalia Mudavadi, Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora Affairs, Republic of Kenya; Dr. Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, Government of India; H.E. Ms. Namgya C. Khampa, High Commissioner of India to Kenya; and Ms. Harsha Bangari, Managing Director, India Exim Bank.
Merchandise trade between India and East Africa has shown significant growth in the last decade, growing from US$ 9.7 billion in 2013 to reach US$ 12.9 billion in 2022. India’s exports to the East Africa which were at US$ 8.6 billion in 2013 increased to US$ 9.4 billion in 2022.
India Exim Bank is the leading financial institution engaged in financing, facilitating & promoting India's International trade and investment, and also plays a critical role in policy formulation and project export finance under India’s economic diplomacy. In addition to Kenya, the Bank also has offices in Abidjan, Côte d'Ivoire and Johannesburg, South Africa.
The African continent has been a key focus as part of India Exim Bank’s strategy to promote and support two-way trade and investment. As a partner institution to promote economic development in Africa, the commitment towards building relationships with the African region is reflected in the activities and programmes of the Bank.
India Exim Bank has so far provided finance to 77 ventures set up by over 50 companies in 14 countries across Africa under its Overseas Invesment Finance Programme. The Bank has, since 2022, supported 76 transactions aggregating close to USD 800 million in 18 countries across Africa, supporting 22 Indian exporters (including 10 MSMEs), based in 14 cities from 9 states of India under its Trade Assistance Programme (TAP) and other trade facilitation programmes. The Bank has extended over 200 Lines of Credit, on behalf of the Government of India, to 42 African aggregating US$ over 12 billion to support socio-economic development by facilitating access to essential infrastructure, improving livelihoods, boosting agricultural productivity, enhancing industrial output, and promoting sustainable development. This at the same time provides opportunities to companies in Africa and India across traditional and emerging sectors and benefitting a multitude of MSMEs in the value chain, creating and sustaining jobs,
Ms. Harsha Bangari, Managing Director, India Exim Bank, in her welcome remarks, while thanking both the Governments of India and Kenya in their support towards opening the East Africa Representative Office, emphasised that this new office would further facilitate partnerships and boost bilateral trade and investment.
Speaking at the inauguration, Dr. Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, Government of India, expressed hope that India Exim Bank's presence in the region would enhance trade between India and Kenya and also the region.
Speaking at the inauguration, High Commissioner of India to Kenya H.E. Ms. Namgya C. Khampa, while conveying her heartfelt congratulations to India Exim Bank, mentioned that India Exim Bank's presence in the region is an endorsement of India’s strengthening ties with Kenya.
H.E. Dr. Musalia Mudavadi, Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora Affairs, Republic of Kenya, in his keynote address emphasised that Kenya remains the Gateway for East Africa and is one of the major financial hubs of the continent attracting trade and investments from across the globe. He also mentioned about India’s growing economic prowess, and expressed hope that Indian companies will create jobs for the local people.
With the establishment of the India Exim Bank’s East Africa Representative Office in Nairobi, there is expected to be greater engagement with the industry, private and public sector companies, banks and financial institutions in the region, thereby augmenting trade and investment between India, Kenya and the region.
India Exim Bank also organised the Africa-India Partnership Day (AIPD), as part of the events associated with the Annual Meetings of the African Development Bank Group (AfDB). The Event focussed on India’s Role in Africa’s Transformation. The Bank has s been organising the AIPD starting with Marrakech (in 2013), and followed by Kigali (in 2014), Abidjan (in 2015), Lusaka (in 2016), Ahmedabad (in 2017), Malabo (in 2019), Accra (in 2022), and Sharm El Sheikh (in 2023). All the AIPD events focused on ‘Sharing of India’s Development Experiences’, especially, through the Public-Private Partnership (PPP) mode of development. The Bank also released a study titled "Exploring Economic Opportunities for India in East Africa." The Study offers a comprehensive economic analysis of trade trends, patterns, directions, and investment opportunities within the India-East Africa relationship, serving as a centralised resource for understanding and exploring these dynamic ties.
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For any information may contact: Mr. Gaurav Bhandari, Chief General Manager, Corporate Communications Group, India Exim Bank
India Exim Bank organised a workshop on “Financial Services in Free Trade Agreements”. The Workshop aimed to foster a deeper understanding of the role of financial services within the context of Free Trade Agreement (FTA) negotiations and their implications for global trade and economic development.
The workshop was inaugurated by Dr. Vivek Joshi, Secretary, Department of Financial Services, Government of India. While inaugurating the Workshop, Secretary, Department of Financial Services, underscored India’s ambitious export target and highlighted the role of financial services in India's export strategy. He emphasized on further building negotiating capacities through constant engagement with academia and other expert bodies. Exim Bank can partner with Government in this effort.
Ms. Harsha Bangari, Managing Director, India Exim Bank in her welcome address stated that India has significant potential to capitalise on the growing demand for financial services globally and increasing engagements in FTAs would be a key driver for enhancing India’s financial services exports. She highlighted the growing importance of GIFT city as a major hub for export of financial services.
The event brought together stakeholders from the Department of Financial Services, Department of Economic Affairs, Department of Commerce, sectoral regulators including SEBI, RBI, PFRDA, and IRDAI.
Additional Secretary, Department of Commerce shared insights about foreign trade vision of India and importance of financial services in it. The workshop also had two technical sessions on Scheduling Commitments on Services under WTO and FTAs by International trade law experts.
In conjunction with the workshop, India Exim Bank’s e-book titled "Unlocking Opportunities: A Guide to Negotiating Financial Services in Free Trade Agreements" was released covering various aspects of FTAs.
The workshop concluded with a commitment to continued engagement and collaboration among participants to further explore the multifaceted dimensions of financial services within the realm of FTAs.
India Exim Bank’s Managing Director, Ms. Harsha Bangari, and Deputy Managing Director, Mr. Tarun Sharma, announced the Bank’s results for the financial year 2023-24 at a press conference in Mumbai on Monday, May 13, 2024. Key highlights of the Bank’s performance during 2023-24 are as under:
FINANCIAL PERFORMANCE
Parameter
Performance in 2022-23
Performance in 2023-24
Change over 2022-23
A. Total Business (₹ cr)
2,92,257
3,44,182
17.77%
-Net Loan Portfolio
1,34,523
1,57,602
17.16%
-Total Borrowings
1,28,423
1,54,611
20.39%
B. Operating Profit (₹ cr)
3,599
3,750
4.20%
C. Profit After Tax (₹ cr)
1,556
2,518
61.83%
D. Gross Non-Performing Assets
4.09%
1.93%
(216) bps
E. Net Non-Performing Assets
0.71%
0.29%
(42) bps
F. Capital to Risk Assets Ratio
25.43%
21.18%
(425) bps
BUSINESS PERFORMANCE
The Bank reported significant growth across key business performance parameters, reflecting the commitment to support India’s trade and investment, and developmental priorities of partner countries. Evincing India’s strong growth story and the increased credit demand, the Bank sanctioned fresh loans aggregating ₹ 1,06,312 crore. The loan portfolio grew by 17% in FY2023-24, driven by strong growth in sectors such as clean and renewable energy, automotive, engineering goods, pharmaceuticals, and telecommunications. The Bank also witnessed growth in strategically important sectors mainly e-mobility, high-tech, and aerospace. Net interest income (NII) increased by 4.6% to ₹3,540 crore for the FY2023-24, primarily on account of higher increase in interest income from loans and advances. In terms of the Non-Performing Assets (NPAs), with the improvement in asset quality and reduction in incremental slippages, the Gross NPAs declined significantly from 4.09% as on March 31, 2023 to 1.93% as on March 31, 2024, and the Net NPAs declined from 0.71% as on March 31, 2023 to 0.29% as on March 31, 2024
POLICY BUSINESS
The Bank supported a wide range of developmental projects in partner countries through the Lines of Credit (LOCs) extended at the behest of the Government of India (GOI). As on March 31, 2024, the Bank has a portfolio of 324 GOI-supported LOCs with credit commitments aggregating US$ 31 billion. These LOCs are supporting socio economic development in partner countries, while facilitating access to new markets and opportunities for Indian companies. As on March 31, 2024, 952 contracts valued at nearly US$ 16 billion have been covered under LOCs, creating opportunities for over 300 Indian companies, and benefitting a multitude of MSMEs in the value chain. During FY 2023-24 alone, the Bank supported 21 new contracts valued at over US$ 1 billion.
The Bank has progressively enhanced efficiency of systems and processes related to LOCs through greater transparency at the pre-qualification stage; dedicated cross-functional committees to approve procurement-related activities as well as for review of Detailed Project Reports (DPR); engagement of sector experts for inputs on technical aspects in vetting of DPRs; standardisation of documents such as terms of reference for preparation of DPRs and model bidding documents; and improved governance mechanisms such as complaint redressal mechanism and debarment policy.
COMMERCIAL BUSINESS
During FY 2023-24, the Bank extended ₹ 98,014 crore for building export capacities, enhancing export competitiveness and supporting globalisation efforts of Indian companies. The corporate loan book recorded a growth of 49% during the year, while maintaining strong asset quality with nearly 90% of the portfolio above investment grade. The Bank supported 90 project export contracts valued at ₹ 43,695 crore in 34 countries, propelling India’s project exports to new heights. Further, 24 corporates were sanctioned funded and non-funded assistance of more than ₹ 6,739 crore for their overseas investments in 12 countries. So far, the Bank has provided finance to 700 JV/WOS, set up by 510 Indian companies in 78 countries.
SUPPORT TO MSMEs
Exim Bank’s recent initiatives are playing a crucial role in bridging the market gaps for the MSME sector, ensuring that viable project or enterprise are able to mitigate challenges due to perceived risks or market inefficiencies. The Bank’s Trade Assistance Programme (TAP) is bridging the financing gaps in trade transactions by providing an effective bridge between local banks in partner countries and banks in India. Launched in 2022, the Bank has already partnered with over 80 overseas banks under TAP. As on March 31, 2024, the Bank has supported 506 transactions under TAP across 33 countries, leading to more than US$ 1.1 billion of incremental exports to new or challenging markets, by over 125 exporters based in 42 cities across 16 states. To further bridge the financing gaps, Exim Bank has also set up its subsidiary in GIFT City, India Exim Finserve IFSC Pvt. Ltd. Announced in the Union Budget 2023 and set up on August 8, 2023, the subsidiary offers a range of trade finance products to exporters, including factoring.
Further, under its Ubharte Sitaare Programme (USP), the Bank is nurturing and empowering small and mid-sized companies that have potential advantages by way of differentiated technology, products or processes, but may currently be underperforming or lacking the ability to tap their latent potential. As on March 31, 2024, under USP, the Bank has extended financial support of ₹ 1,214 crore (including 5 equity investments) to 62 entities. Among the companies supported under USP, there are 11 with innovative solutions for promoting sustainability, 20 are leading the way in cutting-edge technology, 10 are revolutionising healthcare, while others are engaged in e-mobility solutions, specialised intermediate goods, software solutions, high-quality products for global brands, etc. The Bank has developed strong partnerships with leading academia and provided technical assistance to incubators of IIT Bombay, IIT Delhi, IIM Ahmedabad and IISc, Bangalore for scaling up and nurturing early-stage companies.
RESOURCES AND TREASURY
The Bank raised resources (INR and Foreign Currency) aggregating ₹ 74,768 crore, including foreign currency resources of US$ 3.26 billion equivalent during FY 2023 24. The Bank is rated Baa3 (Stable) by Moody’s, BBB- (Stable) by S&P Global Ratings, BBB- (Stable) by Fitch Ratings and BBB+ (Stable) by Japan Credit Rating Agency. All these ratings are of investment grade or above and are the same as the sovereign rating.
FOCUS ON SUSTAINABILITY
During the year, the Bank issued two sustainable bonds under the Bank’s ESG Framework through private placements aggregating US$ 200 million and its first Green Floating Rate Bond of US$ 150 million under the ESG Framework.
The Bank also introduced a new lending programme, Sustainable Financing Programme to finance green, transition, social and sustainability linked investments of eligible borrowers, and has provided support to several projects under this programme. A key transition project financed by the Bank was for setting up a 200 MW Round-The-Clock (RTC) renewable energy project, which will support decarbonisation plans of one of the country’s largest integrated zinc producers. This project has been awarded ‘The Project Finance International (PFI) Award’.
PROMOTIONAL & DEVELOPMENTAL ROLE
Exim Bank’s initiatives are enabling grassroots enterprises, even those located in the most remote areas of the country, to make forays in the international markets. In alignment with the Districts as Export Hubs initiative of the Government of India, the Bank has identified 64 districts for interventions, including 5 districts from the Northeastern States of India. During FY 2023-24, the Bank supported the district-level export capacities through grants for – setting up a cutting-edge 3D design studio in Khurja, UP which would modernise processes for the ceramic industry and benefit 300 units employing 15,000 workers; enabling participation of flower exporters in an exhibition in Amsterdam for direct access to buyers and also providing refrigerated vans for minimising post-harvest losses; and equipping turmeric farmers in Sangli with machines for improvement in hygiene and quality of the produce, among others. Beyond financing support, the Bank has also been supporting capacity building of grassroots enterprises through skill development workshops and training programmes. As on March 31, 2024, the Bank has provided over 139,000 person-days of training to artisans, farmers and weavers.
The Bank is also committed to provide wider visibility, brand promotion and market access for the grassroots enterprises. During FY 2023-24, the Bank partnered with the Kala Ghoda Arts Festival 2024 as a presenting sponsor. Over 200 artisans and grassroots enterprises from various states participated in the festival, with Exim Bank sponsoring more than 60 artisans from 24 states.
During the year, Exim Bank published 20 research studies with focus on countries/region, export potential of Indian states, industries and topics of relevance to international trade. Further, the Bank supported informed decision making, by providing crucial inputs to the Ministry of Commerce and Industry, Government of India for negotiations of Free Trade Agreements.
SOCIAL INITIATIVES
During the year, Exim Bank supported 16 initiatives spread across 12 states of India. The Bank contributed to enhancing access to education and essential nutrition for students from underserved communities through its support to the Akshay Patra Foundation for procurement of two CNG vehicles in Varanasi, Uttar Pradesh for transportation of mid-day meals to students. Further, the Bank engaged with SankalpTaru Foundation, an IT-enabled NGO for plantation of trees. The Bank has planted 2,650 trees through SankalpTaru, through which 81.9 tons of CO2 would be sequestered per year. The Bank also supported technical training of 200 women for facilitating their employment in non-conventional areas, such as bike mechanics and electricians.
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For more information, please contact: Mr. Gaurav Bhandari, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005; Phone +91-22-22172829; E-mail: ccg[at]eximbankindia[dot]in
Export-Import Bank of India (India Exim Bank) forecasts India’s total merchandise exports to amount to US$ 116.7 bn, witnessing an y-o-y growth of 12.3%, while non-oil exports are forecast to amount US$ 93.9 bn, witnessing an y-o-y growth of 10.7%, during Q1 (April-June) of FY2025. These positive growth rates are expected to be witnessed in continuation of the positive growth witnessed during the last two quarters of the previous financial year. Positive growth in India’s exports could be as a result of India’s strong GDP growth fundamentals and outlook, sustained momentum in manufacturing and services sector, backed by expected global easing of monetary tightening spurring global demand, and to some extent due to base effect. The outlook is, however, subject to risks of uncertain prospects for advanced economies, geopolitical shocks, the middle east crisis leading to the intensification of the Red Sea crisis and deepening geoeconomic fragmentation, among other factors. Growth in exports is expected to continue to witness a positive momentum in the forthcoming quarters.
Forecast of growth in India’s total merchandise exports and non-oil exports are released by Exim Bank on a quarterly basis, during the first fortnight of the months of May, August, November, and February for the corresponding quarters, based on its Export Leading Index (ELI) model. The next growth forecast for India’s exports for the 2nd quarter of FY 2025 (i.e. July-September 2024) would be released during the first fortnight of August 2024.
The improvisations to the model and the forecast results have been reviewed by a standing technical committee of domain experts comprising Professor Saikat Sinha Roy, Professor & Head, Department of Economics, Jadavpur University, Kolkata; Professor N. R. Bhanumurthy, Vice Chancellor, BASE University, Bengaluru; Dr. Sarat Dhal, Adviser, Department of Economic and Policy Research, Reserve Bank of India, Mumbai; and Professor C. Veeramani, Director, Centre for Development Studies, Trivandrum.
For further information, please contact:Mr. David Sinate, Chief General Manager/ Dr. Viswanath Jandhyala, Assistant General Manager, Research & Analysis Group, Export-Import Bank of India, 8th Floor, Maker Chamber IV, Jamnalal Bajaj Marg, Nariman Point, Mumbai 400 021; T: +91-22-2286 0363/ 0310/ 0311 E: dsinate[at]eximbankindia[dot]in/ viswanath[at]eximbankindia[dot]in
Export-Import Bank of India (India Exim Bank) forecasts India’s total merchandise exports to amount to US$ 118.2 bn, witnessing an y-o-y growth of 2.96%, while non-oil exports are forecast to amount US$ 95 bn, witnessing an y-o-y growth of 4.55%, during Q4 (January-March) of FY2024. These positive growth rates are expected to be witnessed against the backdrop of negative growth seen during the first two quarters of the year. Positive growth in India’s exports could be as a result of India’s strong GDP growth fundamentals and outlook and expected global easing of monetary tightening spurring global demand. The outlook is, however, subject to risks of uncertain prospects for advanced economies, geopolitical shocks, the middle east crisis leading to the intensification of the Red Sea crisis and deepening geoeconomic fragmentation, among other factors.
With these forecasts, India’s total merchandise exports for the full year for FY2024 are expected to be at US$ 435.3 billion, while non-oil exports figures are likely to be maintained at the previous year’s level. However, oil exports are expected to remain subdued during the year, contracting by US$ 12.5 billion, compared to the FY2023.
Forecast of growth in India’s total merchandise exports and non-oil exports are released by Exim Bank on a quarterly basis, during the first fortnight of the months of May, August, November, and February for the corresponding quarters, based on its Export Leding Index (ELI) model. The next growth forecast for India’s exports for the 1st quarter of FY 2025 (i.e. April-June 2024) would be released during the first fortnight of May 2024.
The improvisations to the model and the forecast results have been reviewed by a standing technical committee of domain experts comprising Professor Saikat Sinha Roy, Professor & Head, Department of Economics, Jadavpur University, Kolkata; Professor N. R. Bhanumurthy, Vice Chancellor, BASE University, Bengaluru; Dr. Sarat Dhal, Director, Department of Economic and Policy Research, Reserve Bank of India, Mumbai; and Professor C. Veeramani, Director, Centre for Development Studies, Trivandrum.
_______________________________For further information, please contact: Mr. David Sinate, Chief General Manager/ Dr. Viswanath Jandhyala, Assistant General Manager, Research & Analysis Group, Export-Import Bank of India, 8th Floor, Maker Chamber IV, Jamnalal Bajaj Marg, Nariman Point, Mumbai 400 021; T: +91-22-2286 0363/ 0310/ 0311 E: dsinate[at]eximbankindia[dot]in/ viswanath[at]eximbankindia[dot]in___________________________________
Disclaimer: The results presented above could be of interest to policy makers, researchers, and exporters among others. These are growth forecasts from the Research and Analysis Group of India Exim Bank and do not necessarily reflect the views of India Exim Bank. The growth forecast for the quarter derived from the Export Leading Index (ELI) model may be subject to uncertainties related to continued slowdown in select major trade partners, high inflationary pressures, tighter global monetary and financial conditions and geopolitical uncertainties. The model would undergo continuous improvisation with revision of recent available data and advanced forecasting methodology, incorporating comments, suggestions and feedback from various quarters. Actual exports data are sourced from RBI’s Database on Indian Economy.
Export-Import Bank of India [Exim Bank], on behalf of the Government of India, has extended a Line of Credit [LOC] of USD 23.37 million to the Government of Cooperative Republic of Guyana for the procurement of two aircraft from India for the country’s defence forces.
The LOC Agreement to this effect was signed on March 15, 2024, between Hon’ble Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr. Ashni K. Singh, Government of Cooperative Republic of Guyana and Mr. Sanjay Lamba, Deputy General Manager, Exim Bank; in the presence of High Commissioner of India to Guyana, Dr. Amit Telang.
With the signing of this LOC Agreement, Exim Bank has now in place 292 Lines of Credit, covering 62 countries in Africa, Asia, Latin America, CIS and the Oceania, with credit commitments of around USD 2.72 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.
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For further information, please contact Mr. Vikramaditya Ugra, Chief General Manager, Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, East Kidwai Nagar, New Delhi-110023,Telephone: +91-11-24607700E-mail: eximloc[at]eximbankindia[dot]in, Website: www.eximbankindia.in