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Expect to soon unveil details of Nirvik scheme: Minister (Lead)

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New Delhi, Dec 20 (IANS) Commerce Minister Piyush Goyal on Friday said that he expects to soon come out with the details of the “Nirvik” scheme which is before the Union cabinet.

The scheme is meant to ease access to financing for exports.

Speaking at industry body Assocham’s AGM here, Goyal asked large industrial players to aid their suppliers to fulfil their short-term credit needs.

He said that the government is trying to do the same with the credit requirement for exports.

“..I am hopefully going to soon be able to come out with Nirvik scheme details which are now before the cabinet,” Goyal said.

The scheme envisages providing of higher insurance coverage to banks on their export credit through the Export Credit Guarantee CorpExport Credit Guarantee Corporation (ECGC).

Under the scheme, ECGC will expand the export credit insurance cover for the working capital loans and moderation in premium incidence for exporters to enable lower interest rates for export credit.

Addressing the session on “Strengthening India’s Global Positioning”, the Minister said that the Centre is always willing to hear the needs and challenges being faced by the industry and asked India Inc to be in constant dialogue with the government.

“The government strongly believes in being the most effective facilitator and conducive policy change agent for Indian businesses,” he said.

“To achieve the New India theme and goal of a $5 trillion economy, the government is working with all stakeholders in the value chain for a collaborative approach in resolving issues to achieve inclusive growth for all stakeholders.”

Goyal stressed that large corporates should come forward to upgrade MSMEs in their value chain through technology and fund resource support.

The Minister also urged industry to adopt and encourage innovations by funding research and development.

Goyal, who also holds, the railway portfolio, said that Indian Railways plans to invest $700 billion through partnerships, joint ventures and collaborations to strengthen the infrastructure and reach the farthest corners of the country in the next 12 years.

Taking a swipe at Bajaj Group Chairman Rahul Bajaj, the Minister said that this is a “listening government” which is willing to engage.

Bajaj had, earlier this month, voiced concerns over being publicly critical of the government, and had said that no one talks about these concerns.

“All the stress and strain that often we feel in the industry..it will be good, if we come and talk to the government. We share your concerns..it’s a listening government willing to engage,” Goyal said.

“Whatever Rahul Bhai may say, the fact is that everybody has a say, everybody has an opportunity to talk. It does not matter even if an opposition party leader may have given you your name, for us each one of you are equally valuable and equally important,” he added.



(This story has not been edited by Newsd staff and is auto-generated from a syndicated feed.)
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