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NEW CREDIT GUARANTEE SCHEME FOR THE MSME SECTOR IN TELANGANA STATE

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The Government of Telangana is coming up with a state specific credit guarantee scheme for the MSME sector with the collaboration of Small Industries Development Bank of India (SIDBI), said Arvind Kumar, Secretary, Industries & Commerce, Telangana state here on Tuesday. He was the Chief Guest at a seminar organized by ECGC on Insurance Awareness Consultation Campaign.

“With the new scheme, the bankers will be encouraged to extend and the sector specific interventions aimed at encouraging investment, employment creation and overall income generation in the newly created Telangana state” added Arvind Kumar. He also said that the new Industrial policy of the state has attracted many industrialists for being transparent and online based. He informed that a new exports promotion policy of Telangana state will be unveiled soon. The policy will look into all the issues relating to export sector in the newly formed state, which has significance presence of urban population. Manik Raj, Commissioner, Industries & Commerce, Telangana state was also present.

ECGC Limited, a Government of India Enterprise (formerly known as Export Credit Guarantee Corporation of India Limited) having its Registered Office at Mumbai. A Customer Consultation Campaign was also held later in the day where. T.S. Viajyan, Chairman, Insurance Regulatory Development Authority of India (IRDAI) was the Chief Guest. The meetings were presided over by Geetha Muralidhar, Chairman-cum-Managing Director, ECGC Limited.

The focus of the campaigns was spreading the awareness & significance of Credit Insurance for promoting exports from the country and providing guidance to the exporters on the essential compliances required under the policies availed by them. These campaigns would enable the Corporation to strengthen its rapport with its customers as well as increase the awareness of its credit insurance products among the exporters.

ECGC is a pioneer in export credit insurance in India since 1957. It is the 5th largest export credit insurer in the world. It provides export credit insurance to the exporters covering the risks on the overseas buyers and the countries. In addition, ECGC provides credit insurance to commercial banks which extends export credit facilities to the exporter customers. ECGC also supports the Medium and Long Term contracts on its own and also under the National Export Insurance Account (NEIA) of the Government of India. ECGC, Hyderabad branch officials Gurav Anshuman and Vivek Tiwari were present. (NSS)