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
India Exim Bank and Ministry of MSME collaborate for Development of Exim Mitra 2.0 - a Trade Facilitation and Information Portal
Closer Ties between India and Australia attain Renewed Significance in an Evolving Global Trade Landscape
India Exim Bank forecasts India’s merchandise exports to amount to US$ 111.2 bn and Non-oil exports to amount to US$ 88.1 bn for Q3 (October-December) of FY2024
Significant opportunity of collaboration in emerging segments between India and UK
IERA Citation 2023: Press Release
India Exim Bank lists its maiden 10-year US$ 1 billion Sustainability Bond on the London Stock Exchange’s Sustainable Bond Market (SBM) Platform
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.
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@eximbankindia.in/ viswanath@eximbankindia.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@eximbankindia.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@eximbankindia.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@Nedbank.co.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@eximbankindia.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@eximbankindia.in/ viswanath@eximbankindia.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@eximbankindia.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@eximbankindia.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@eximbankindia.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.
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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@eximbankindia.in/ viswanath@eximbankindia.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@eximbankindia.in/ viswanath@eximbankindia.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@eximbankindia.in, Website: www.eximbankindia.in
The Export-Import Bank of India (Exim Bank) and the Ministry of Micro, Small and Medium Enterprises (MSME) signed an MoU for the development and launch of Exim Mitra 2.0 - a trade facilitation and information portal to empower Indian exporters, particularly those in the MSME sector. The MoU was signed by Dr. Rajneesh, Additional Secretary & Development Commissioner, Ministry of MSME and Ms. Harsha Bangari, Managing Director, Exim Bank, in the presence of Shri Narayan Rane, Hon’ble Union Minister for MSME, Govt. of India and Shri Rakesh Sachan, Hon’ble Minister of MSME, Khadi and Village Industries, Sericulture Industries, Handloom and textiles, Govt. of Uttar Pradesh, during the inauguration ceremony of technology centres on 14th February 2024 at Greater Noida.
This collaboration builds upon Exim Bank’s trade facilitation and information portal, ‘Exim Mitra’, which is an effective, single point of access for a wide range of trade-related information, handholding, and support services for Indian companies seeking to tap the export markets. Exim Bank is in the process of developing a new and improved Exim Mitra 2.0 portal and mobile application. Alongside, the Ministry of MSME is also conceptualising a Global Market Intelligence System (GMIS) to act as a Central Knowledge Repository of export related data on foreign markets to enhance the participation of Indian MSMEs in the global value chain. Recognising the complementarities between Exim Mitra 2.0 and the GMIS, the Ministry of MSME and Exim Bank are collaborating for a unified portal. The MoU paves the way for Exim Bank to access and utilise the Udyam Registration data from the Ministry of MSME, for personalising the content and resources on the Exim Mitra 2.0 portal and mobile app for registered Udyam users. Leveraging the synergies from the partnership, Exim Mitra 2.0 will offer improved functionality, greater resources, and curated content for existing and aspiring exporters.
Exim Mitra 2.0 will provide trade related information and data in a user-friendly format, ensuring enhanced accessibility and seamless experience for users. Further, multimedia content such as podcasts, blogs, and educational videos, including a video series on “Indicative Steps to Export”, will cater to diverse learning preferences and enhance user engagement. The portal will also feature a chatbot to provide instant answers to frequently asked questions, empowering users to access information swiftly and conveniently. To broaden its reach and cater to a more diverse audience, the portal will also have multilingual capabilities.
The collaboration capitalises on the strengths of Exim Bank and the Ministry of MSME for bridging the information gaps in exports ecosystem. Exim Bank’s four decades of experience in financing, facilitating and promoting exports from the country and its institutional linkages, coupled with the comprehensive databases of the Ministry of MSME, would unlock invaluable resources for existing and aspiring exporters, thereby contributing to India's ambition of achieving US$ 2 trillion of exports by 2030.
For further information, please contact: Mr. Dharmendra Sachan, General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005; Phone: +91-22-22172336; E-mail: eximmitra@eximbankindia.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 (JanuaryMarch) 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.
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 1 st quarter of FY 2025 (i.e. April-June 2024) would be released during the first fortnight of May 2024.
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Sydney, Australia, November 21, 2023 - India Exim Bank’s Study titled ‘Building Bridges: An Economic Analysis of India-Australia Trade and Investment Relations’ was released by Ms Harsha Bangari, Managing Director, India Exim Bank and Mr. John Hopkins, MD & CEO, Export Finance Australia (EFA) on November 21, 2023, during the sidelines of the Asian Exim Bank Forum (AEBF) Annual Meeting held at Sydney, Australia.
AEBF was conceived and initiated by Export-Import Bank of India in 1996 for Asian Export Credit Agencies (ECAs) to exchange information and share ideas in a structured manner. The Asian ECA forum’s principle task is to develop and enhance regional cooperation and forge stronger linkages among its member institutions, thereby fostering a long term relationship within the Asian ECA community. The EFA hosted the 28th AEBF annual meetings under the theme, Export Credits 2040: Future Priorities for an Evolving Landscape.
India Exim Bank’s Study titled ‘Building Bridges: An Economic Analysis of India-Australia Trade and Investment Relations’ was released during the Annual Meetings. The Study provided a bird’s eye view of the growing India-Australia trade and investment relations during the pre- Australia-India Economic Cooperation and Trade Agreement (ECTA) period and how ECTA could bring about a strategic shift in India’s trade and investment relations with Australia.
With the evolving global scenario, Australia has come to look at India as an important partner in promoting regional security and stability. India-Australia bilateral relationship has developed along a positive track into a strategic partnership. Merchandise trade between India and Australia which stood at US$ 15.6 million in 2012, has increased to US$ 27.8 billion in 2022. While India’s trade relations with Australia have transformed considerably over the last decade, the structure and pattern are yet to be diversified and there lies huge potential for diversifying India’s exports.
The study, employing a revealed comparative analysis, identified Indian exports having a comparative advantage in Australia and provided strategy for enhancing trade in these products. The analysis also delves into the examination of pre-ECTA tariffs, as well as non-tariff barriers and services restrictions impacting trade between India and Australia.
Transforming the ECTA into a Comprehensive Economic Cooperation Agreement (CECA) would build upon ECTA outcomes to capitalise on the potential for closer economic ties between Australia and India. Recognizing the immense potential for mutual growth and shared prosperity as the two nations deepen their ties, the publication outlines strategies to enhance India's bilateral cooperation with Australia including a faster conclusion of CECA. Some of the potential areas for India-Australia cooperation under the CECA could include support to small and medium enterprises, promotion of digital trade, trading in geographical indication certified goods, settlement of trade payments in local currencies, strategic alliance for sourcing critical minerals, government procurement, cooperation in international maritime transport services, agri-technology partnership, entering into mutual recognition agreements and partnership in renewable energy.
Mr. David SinateChief General ManagerResearch & Analysis GroupExport Import Bank of India8th floor, Maker Chamber IVNariman Point, Mumbai 400021Telephone: 91-22-2286 0353E-mail: dsinate@eximbankindia.in
Export-Import Bank of India (India Exim Bank) forecasts India’s total merchandise exports to amount to US$ 111.2 bn, witnessing an y-o-y growth of 6.3%, while non-oil exports are forecast to amount to US$ 88.1 bn, witnessing an y-o-y growth of 7.7%, during Q3 (October-December) 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 improvement in India’s GDP growth 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, and deepening geoeconomic fragmentation, among other factors.
India’s total merchandise exports have consistently remained above US$ 100 bn for nine consecutive quarters since Q2 FY2022, reflecting resilience amidst a challenging global economic situation, plagued by supply chain disruptions and geo-political tensions. With these forecasts, India’s total merchandise exports for the first nine months of FY2024 are expected to amount to US$ 323 bn, while non-oil exports could amount to US$ 258 bn during the same period. Positive growth in exports is expected to continue in the 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, with continuous improvisation to the model. The next growth forecast for India’s exports for the 4th quarter of FY 2024 (i.e. January-March 2024) would be released during the first fortnight of February 2024.
The model and the forecast results have been reviewed by a standing technical committee of domain experts comprising Professor Saikat Sinha Roy, Professor & Coordinator, Centre for Advanced Studies, 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@eximbankindia.in/ viswanath@eximbankindia.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.
The Export-Import Bank of India (India Exim Bank) organised a programme on the theme of “Investment Opportunities between India and the United Kingdom” during October 30-31, 2023 in London, United Kingdom (UK). Given the recent developments in India-UK relations, the two-day programme aimed at exploring avenues of strengthening the economic partnership between the two nations. As part of the programme, the India Infrastructure Finance Company Ltd (IIFCL) also organised sessions. The programme seen a wide participation from Indian and Foreign Banks, Financial Institutions, Investors and various industrial sectors in the UK.
Dr. Vivek Joshi, Secretary, Financial Services, Ministry of Finance, Government of India, graced the event on “India’s Technological Advancement and Enhancing Global Footprint”, as Chief Guest. Ms Harsha Bangari, Managing Director, India Exim Bank during the welcome address set context to the Programme and highlighted the key complementary sectors and industries between India and UK. Dr. Joshi, in his address, delineated India’s position as amongst the fastest growing major economy in the world, and also brought to the fore India’s technological advancements especially in the areas of digital technology, automobiles including electrical vehicles, and pharmaceutical, which are further propelling the Indian economy, and generating possibilities for further investments between India and the United Kingdom.
Dr. Joshi also highlighted India’s notable developments in the space sector as it focusses on its cost-effectiveness, while possessing end-to-end capabilities, including in areas like satellite communication, and geospatial data-based services. He remained optimistic towards India and the UK forging alliances in this area as more players venture into upstream and downstream sectors in space to provide commercial offerings.
Speaking on the occasion, Mr. Pankaj Sharma, Joint Secretary, Financial Services, Ministry of Finance, Government of India, added that India has laid out an ambitious target of achieving US$ 2 trillion exports annually by 2030, and India’s Foreign Trade Policy 2023, among others, aims at galvanizing districts in India to become export hubs by identifying products and services with export potential. He emphasised that trade in such sectors would also strengthen bilateral ties between India and the UK.
Mr. Sujit Ghosh, Deputy High Commissioner of India in UK, highlighted the progress in innovation, research & technology and outlined the potential areas of cooperation and existing synergies for enhanced India – UK partnership.
The event also saw discussions amongst a panel of experts from corporates, practioners and policymakers, who dwelled upon the evolving opportunities amidst the changing geo-economics, in areas like automobiles, pharmaceuticals, construction equipment, IT and space technology and exploring business opportunities between Indian and the United Kingdom.
Marking the occasion, India Exim Bank concluded a credit facility of USD 94.40 mn to Network Access Associates Limited (a subsidiary of Oneweb Holdings Limited, UK) to support a satellite launch contract secured by NewSpace India Ltd. (NSIL) on behalf of the Indian Space Research Organization (ISRO). The contract covers two launches comprising 36 satellites each, as part of a constellation of Low Earth Orbit (LEO) satellites to provide 24/7 broadband internet connectivity across the globe.
As part of the two-day event, India Exim Bank also opened the Markets at the London Stock Exchange to commemorate the listing of its maiden US$ 1 billion Sustainability Bond on the London Stock Exchange’s Sustainable Bond Market (“SBM”) Platform, and also organised a series of engagements with investors and merchante bankers in London to provide updates on the Indian economy and Exim Bank’s operational and financial performance. India Exim Bank has consistently worked towards enhancing its ESG and innovative initiatives, along with transparency and communication with its stakeholders
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@eximbankindia.in.
Mumbai: November 02, 2023: Export-Import Bank of India (India Exim Bank) of India has opened entries for the 2023 edition of its International Economics Research Annual Citation (IERA Citation). India Exim Bank IERA Citation represents the Bank’s ongoing efforts at promoting research and analysis in the area of international economics, trade & development and related financing. The Citation consists of prize money of Indian Rupees Three Hundred and Fifty Thousand (Rs. 3.5 Lakh). The Citation was instituted in 1989.
THE ENTRYResearch work by Indian nationals in international economics, trade, development and related financing (either awarded a doctorate or accepted for award of doctorate) from any nationally accredited university or an academic institution in India or abroad is a pre-requisite for eligibility of the Citation. Issues of relevance to India / Exim Bank such as those pertaining to foreign trade, foreign direct investments, joint ventures, international competitiveness, policies impacting trade and investment, monetary and fiscal interventions would be of particular interest. India Exim Bank will accept, as entry, those theses for which doctorate has been obtained/ accepted for award of doctorate between January 1, 2019 and October 31, 2023. The last date for submitting the application for IERA Citation 2023 is November 30, 2023.
To know more and to apply for the IERA 2023, please visit: https://www.eximbankindia.in/citations.aspx ; email: iera@eximbankindia.in
Dr. Vivek Joshi, Secretary, Financial Services, Ministry of Finance, Government of India, opens the Market at the London Stock Exchange (LSE) in the presence of Ms. Harsha Bangari, Managing Director, Export-Import Bank of India (India Exim Bank), to commemorate the listing of its maiden 10-year US$ 1 billion Sustainability Bond on the LSE’s Sustainable Bond Market (SBM) Platform.
The Export-Import Bank of India (India Exim Bank) celebrates the listing of its maiden 10-year US$ 1 billion Sustainability Bond on the Sustainable Bond Market (SBM) Platform by opening the Market at the London Stock Exchange (LSE).
This Bond was issued in January 2023, making India Exim Bank the first Indian issuer to open the markets for dollar and sustainability bond issuances in 2023. Following which, the Bank received an External Post Issuance Review in July 2023, after evaluation of the projects and assets funded with proceeds from this Bond. The Post-Issuance Review of this Sustainability Bond states that all the reviewed projects complied with the ‘Use of Proceeds’ criteria and were consistent with the commitments described in the Bank’s ESG Framework. The London Stock Exchange has, upon due diligence, qualified Exim Bank’s Sustainability Bond to be now listed under LSE’s Sustainable Bond Market (“SBM”) Platform.
Speaking on the occasion, Dr. Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, Government of India, said “The recent developments and collaborative efforts between India and the UK in the financial sector have laid a strong foundation for continued cooperation and growth. Today, having the listing of India Exim Bank’s maiden USD 1 billion 10-year Sustainability Bond on London Stock Exchange’s Sustainable Bond Market (SBM) Platform, itself is testimony towards our commitment to build on each other’s strengths and support mutual aspirations towards sustainable development”.
Ms. Harsha Bangari, Managing Director of India Exim Bank, said, “We are delighted to Open the Markets today at the London Stock Exchange. Our association with the London Stock Exchange began in 2017. Today, the Bank has 7 of its issuances amounting to USD 4.7 bn, listed at the London Stock Exchange. The partnership has given our bonds better visibility, apart from providing access to a deep pool of capital and wide investor base. Our maiden benchmark Sustainability Bond is an outcome of our continuous efforts to align ourselves with the global best practices in sustainable finance”.
Shri Tarun Sharma, Deputy Managing Director, India Exim Bank, added “As India’s Export Credit Agency, as part of our commitment towards ESG, we have refined our policies and strengthened internal processes in order to integrate sustainability into every aspect of our operations. In addition, we are also expanding our support in trade finance, which is aligned with six of UN’s Sustainable Development Goals”.
The Bank’s ESG Framework has been reviewed by a Second Party Opinion (SPO) provider. The Framework was confirmed to be ‘Credible and Impactful’ and aligned with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, and Social Bond Principles 2021, as administered by International Capital Market Association (ICMA), Green Loan Principles 2021 and Social Loan Principles 2021, as administered by the Loan Market Association (LMA), Asia Pacific Loan Market Association (APLMA), and Loan Syndications and Trading Association (LSTA).
Apart from the London Stock Exchange the Bank has listed this Bond on the India International Exchange (IFSC) Limited (India INX)’s GSM Green platform, and AFRINEX Limited (Afrinex)’s AFEX Green platform dedicated for social, green and sustainable financing. The Bond is also listed on the Singapore Exchange Securities Trading Limited (SGX-ST).
For more information, please contact: Ms. Deepali Agrawal, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005;Phone +91-22-22172601; E-mail: tag@eximbankindia.in.
