Finance Minister announces Rs. 3000 crore for EXIM Bank to promote exports from India

Nirmala Sitharaman, Finance Minister, Government of India has made 12 announcements under the Atmanirbhar Bharat 3.0 with a stimulus size of Rs 2.65 lakh crore or 15 per cent of the national Gross Domestic Product (GDP). In order to help EXIM Bank facilitates Lines of Credit development assistance activities and promote exports from India, Sitharaman says, “We will boost exports through an additional Rs 3,000 crore to be given to the Exim Bank of India, for promoting exports under Indian Development and Economic Assistance Scheme (IDEAS Scheme). This will help EXIM BAnk facilitate the Line of Credit development assistance activities.” When exports are mandated through it, most recipient countries get Indian firms executing projects such as railway lines, transmission lines and so on. US$ 10.5 billion are provided through the line of credit.
As on date, 811 export contracts, aggregating US$ 10.50 billion are being financed under Line of Credits.