Export Import Bank Of India Plans To Set Up Rs 1.500 Crore Shipping Fund
The Export Import (Exim) Bank of India plans to set up a shipping fund with Rs 1,500 crore of capital support from the government to help the ailing shipbuilding industry and strengthen its export potential. The export finance institution also plans to start SME advisory services to assist small and medium enterprises in small cities and towns in accessing global markets and increase contribution of exports to the ‘Make in India’ campaign of the government. “The National Manufacturing Council is strongly supporting creation of this fund within Exim Bank,” Exim Bank’s chairman and managing director Yaduvendra Mathur said, adding that the Prime Minister’s Office is also supporting Exim Bank. Additionally, the government can also take advantage of Exim Bank’s capabilities like raising funds through bond issues abroad, he said.