The Export Credit Guarantee Corporation (ECGC) of India plans to come out with multiple-buyer insurance policy for smaller exporters too, said S. Ganesan, branch manager of the corporation, here on Friday.
The Cotton Textiles Export Promotion Council (Texprocil) organised an interactive meeting for textile exporters here with the Joint Director General of Foreign Trade and the ECGC officials. Mr. Ganesan said at the meeting that it offered multiple-buyer insurance cover to large-scale exporters now. It was proposed to extend it to those with Rs. 50 crore to Rs. 100 crore annual export turnover too.
S.V. Arumugam, chairman of Confederation of Indian Textile Industry, said the multiple buyer insurance policy should be available for very small exporters too.
M. Senthil Kumar, vice-chairman of Southern India Mills’ Association, said the Texprocil should help exporters in issues such as forex working capital. It should provide information on the status of the proposed free trade agreement with European Union, and organise buyer-seller meets in countries that have zero per cent duty for Indian textile imports.
Siddhartha Rajagopal, Executive Director of Texprocil, said that between April and November 2012, cotton textile exports grew by nearly seven per cent compared to the same period last year. While export of cotton yarn and cotton fabrics had grown, that of cotton made-ups declined slightly. He also explained the services offered by the Texprocil.
Manickam Ramaswamy, Chairman of Cotton Textiles Export Promotion Council, said cotton yarn and fabric exporters were doing well. The market was good, but the only problem was non-availability of power that had affected production, he told The Hindu after the meeting. On the increase in exports, he said, “We are telling our international buyers again that we are a dependable source of supply.” Pakistan was also importing fine count yarn from India. The council was organising such meetings in different cities.