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Export Credit Guarantee Corporation of India

The ECGC Limited (ECGC) was established on 30 July 1957 with an objective to
provide insurance cover in respect of risks in export trade. These risk may include
loss of money on account of foreign buyer becoming bankrupt or sudden import or
exchange restrictions resulting in stopping of payments etc. [1] The Export Credit
Guarantee Corporation of India Limited is a company wholly owned by
the Government of India based in Mumbai, Maharashtra.[2] It provides export
credit insurance support to Indian exporters and is controlled by the Ministry of
Commerce. Government of India had initially set up Export Risks Insurance
Corporation (ERIC) in July 1957. It was transformed into Export Credit and
Guarantee Corporation Limited (ECGC) in 1964 and to Export Credit Guarantee
Corporation of India in 1983. In 2014 August, the Company was again renamed as
ECGC Limited.
History[edit]
ECGC of India Ltd, was established in July, 1957 to strengthen the export promotion
by covering the risk of exporting on credit.[3] It functions under the administrative
control of the Ministry of Commerce & Industry, Department of Commerce,
Government of India. It is managed by a Board of Directors comprising
representatives of the Government, Reserve Bank of India, banking, insurance and
exporting community.[4]
ECGC is the fifth largest credit insurer of the world in terms of coverage of national
exports. The present paid-up capital of the company is Rs.1200 crores and
authorized capital Rs.5000 crores. [5] Shri Anand Sharma,Former Minister of
Commerce & Industry, Government of India, inaugurated the first overseas office of
ECGC in London on September 17, 2013.[6]
What does ECGC do?[edit]

Provides a range of credit risk insurance covers to exporters against loss in


export of goods and services.

Offers Export Credit Insurance for Bankers and financial institutions to enable
exporters to obtain better facilities from them.

Provides Overseas Investment Insurance to Indian companies investing in


joint ventures abroad in the form of equity or loan.

How does ECGC help exporters?[edit]

Offers insurance protection to exporters against payment risks

Provides guidance in export-related activities

Makes available information on different countries with its own credit ratings

Makes it easy to obtain export finance from banks/financial institutions

Assists exporters in recovering bad debts

Provides information on credit-worthiness of overseas buyers

Need for export credit insurance==*****


Payments for exports are open to risks even at the best of times. The risks have
assumed large proportions today due to the far-reaching political and economic
changes that are sweeping the world. An outbreak of war or civil war may block or
delay payment for goods exported. A coup or an insurrection may also bring about
the same result. Economic difficulties or balance of payment problems may lead a
country to impose restrictions on either import of certain goods or on transfer of
payments for goods imported. In addition, the exporters have to face commercial
risks of insolvency or protracted default of buyers. The commercial risks of a foreign
buyer going bankrupt or losing his capacity to pay are aggravated due to the
political and economic uncertainties. Export credit insurance is designed to protect
exporters from the consequences of the payment risks, both political and
commercial, and to enable them to expand their overseas business without fear of
loss.
Cooperation agreement with MIGA (Multilateral Investment Guarantee Agency) an
arm of World Bank. MIGA provides:
1. Political insurance for foreign investment in developing countries.
2. Technical assistance to improve investment climate.
3. Dispute mediation service.
Under this agreement protection is available against political and economic risks
such as transfer restriction, expropriation, war, terrorism and civil disturbances
etc...
COMMODITY BOARDS
There are five statutory Commodity Boards under the Department of Commerce,Go
vernment of India. These Boards are responsible for production, development and
export of tea, coffee, rubber, spices and tobacco. Coconut development Board is
also an autonomous body which functions under the Ministry of Agriculture, Govt. of
India. Commodity Boards help their members in product development, product
innovation and technology up gradation. They assist exporters with overseas
marketing, exchange tradedelegati6ns and provide information on export-import
policies. They conduct research, Formulate policies to promote production and

trade, facilitate acquiring of Trade Marks and Geographical Indications; certification


services providing licenses for trading etc..

Functions

Tea
India is the largest producer and consumer of black tea in the world. Tea is grown in
16 States in India, of which Assam, West Bengal, Tamil Nadu and Kerala account for
about 96 per cent of the total tea production. The teas originating from Darjeeling,

Assam and Nilgiris are well known for their distinctive quality world over. While tea
exports contribute a significant amount of foreign exchange into the country, tea
also contributes revenue to the national exchequer by way of sales tax, agricultural
and corporate income tax, etc. More than two million people derive their livelihood
from ancillary activities associated with the industry. The tea industry provides
direct employment to more than a million workers, of which a sizeable number are
women
Tea Board
The Tea Board was constituted as a statutory body on 1st April, 1954 under Section
(4) of Tea Act 1953. The Board, with its Head Office at Kolkata, is headed by a
Chairman. It has 30 Members drawn from different stake holders of the tea Industry
and fifteen regional/sub-regional offices. The Board functions as an apex body for
the all round development of the tea Industry. With a view to promote the export of
Tea, the Board established three offices abroad viz. London, Moscow and Dubai. The
primary functions of the Tea Board include rendering financial and technical
assistance to tea producers, manufacturers, growers and also help marketing of tea
within the country and abroad. Research activities at different Research Institutes
viz. Tea Research Association (TRA), United Planters' Association of Southern IndiaTea Research Foundation (UPASI-TRF), are funded for augmentation of Tea
Production and Quality improvement. It also regulates and controls different
marketing activities including that of Tea Auctions and maintains statistical data on
production, consumption and export.
Coffee
Indian Coffee has created a niche for itself in the international market, particularly
Indian Robusta and Arabica varieties which are highly preferred for their good
blending quality. India is perhaps the only coffee producing origin whose coffees are
fully shade grown, entirely hand picked and completely sun dried.
In India, coffee plantation occupy an area of around 3.5 lakh hectares providing
rural employment pre-dominantly in Karnataka, Kerala and Tamil Nadu, which
contribute about 99 per cent of the total Coffee production. There are 1,78,308
coffee holdings, out of which 1,75,475 fall within the small growers' category and
balance 2,833 holdings fall under large holdings (above 10 hectares category). The
small growers account for about 71.8 per cent of the total area.
Coffee Board
The Coffee Board is a statutory organization constituted under the Coffee Act, 1942.
The Board, with its Head Office at Bangalore, is headed by a Chairman. It has 33
members, with offices located at Coffee growing areas viz Karnataka, Kerala, Tamil
Nadu, Andhra Pradesh, Orissa and North Eastern Region besides Delhi, Guwahati,
Mysore, and Chennai. The Board also has a Central Coffee Research Institute at

Chikmagalur and Sub/Regional Research Stations at Chettalli, Chundale, Thandigudi,


R. V. Nagar, Diphu and Division of Tissue Culture at Mysore. The functions of the
Board are primarily directed towards research, extension and development of
coffee, domestic and external promotion of coffee, gathering of market intelligence
and human resources development.

Natural Rubber
Rubber is grown in the States of Kerala, Tamil Nadu, Tripura, Assam, Megahalaya,
Nagaland, Mizoram, Manipur, Goa, Andaman & Nicobar Islands and Coastal
Karnataka. Rubber plantations are spread over 5.97 lakh hectares in the country.
The production sector of the country is dominated
Rubber Board
The Rubber Board is a statutory body constituted under the Rubber Act, 1947 with a
view to promote the rubber industry in the country. The Board, with its Head Office
is located at Kottayam, comprises of 26 members including the Chairman, who is
the Chief Executive. The functions of the Board broadly are undertaking, assisting or
encouraging scientific technological and economic research, imparting training to
students/growers on improved methods of cultivation, manuring and spraying,
rendering technical advice to the rubber growers, improving marketing, collecting
statistics from owners of estates, dealers and manufacturers, securing better
working conditions, providing/improving amenities and incentives for workers.
Tobacco
India produces about 600 million kgs. of Tobacco annually. Of this, 30 per cent is
(Flue Cured Virginia (FCV) Tobacco and the rest is non-FCV Tobacco such as Biddi,
Natu, Burley, Chewing Tobacco, Hukka, Cigar and Snuffs. On an average,
approximately 50 per cent of the FCV tobacco is used by the domestic cigarette
industry while the remainder is exported. In India, about 5 million farmers are
engaged in cultivation of tobacco and about 30 million people are dependent on the
tobacco industry, either directly or indirectly.
Tobacco Board
The Tobacco Board was constituted in 1976 with the objective of promoting the
planned development of the tobacco industry. The Board regulates the production,
curing and marketing of FCV tobacco. It also monitors fluctuations in market
demand, both domestic and international for FCV tobacco in order to help in
devising anappropriate market strategy. In addition, it conducts extension and
developmental programmes for the benefit of the growers. In essence, its function
is to further the interests of the growers, manufacturers and exporters of FCV

tobacco. The 26-Member Board is headquartered in Guntur (Andhra Pradesh) with


subordinate offices at Bangalore, 4 Regional Offices and 29 auction platforms.
pices
India has a long history of producing and exporting Spices. The world trade in Spices
is estimated around 7,50,000 tonnes (2005-06) of which India's share is 42.74 per
cent in quantity terms. The total production of Spices in the country is estimated
around 40.39 lakh tonnes (2004-05) and the area under cultivation is estimated at
25.25 lakh hectares (2004-05). While almost all States produce Spices, the
important States accounting for sizeable area and production are Kerala, Karnataka,
Tamil Nadu, Andhra Pradesh, Rajasthan and Maharashtra.
Spices Board
The Spices Board Act, 1986 assigns to the Spices Board the responsibility of export
development of 52 Spices. Some of the major spices among them are Pepper, Chilli,
Ginger, Turmeric, Cardamom, Coriander, Cumin, Fennel, Fenugreek, Celery, Vanilla
and Saffron. The Board is implementing a number of schemes aimed at export
development of Spices with a view to meet international standards and promotion
of export of value added Spices. The Board has well established quality evaluation
and upgradation laboratory at Kochi which is engaged in surveying the quality of
spices procured form different producing and marketing centres. It offers training for
quality upgradation to growers and exporters and undertakes physical, chemical
and biological analysis of the samples brought by the exporters.