Tag: export

Piyush Goyal, BFSI News, ET BFSI

Personal Finance

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New Delhi [India], November 10 (ANI): Terming the ‘Services’ sector as the key driver of India’s economic growth, Union Minister Piyush Goyal on Tuesday said that India is poised to achieve the Services Export target of USD 1 trillion by 2030.

Goyal while speaking at the ‘ Export PromServicesotion Council- Global Services Conclave 2021′ at the national capital said, “Services sector provides employment to nearly 2.6 crore people and contributes approximately 40 per cent to India’s total global exports. The services trade surplus was USD 89 billion in FY 2020-21 and it has been the largest FDI recipient.”

Lauding India’s commitment to enabling ‘work from Home‘ during the pandemic, Goyal said “While services trade remained depressed in other countries, India’s services sector showed immense resilience. Sectors like tourism and hospitality, which suffered due to COVID-19 is showing revival signs” he said.

The Union Minister also highlighted the central government’s initiatives Aatmanirbhar Bharat Package, collateral-free Automatic Loans for Businesses and MSMEs and initiatives in Skill development and said, “Rs 56,027 crore was released under various Export Promotion schemes.”

The theme of the Global Services Conclave 2021 was ‘India Serves: Exploring Potential Growth Sectors Beyond IT/ITes’.



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Exim Bank sees India’s Q1 merchandise exports at $87.2bn, BFSI News, ET BFSI

Banking & Finance

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New Delhi, Export-Import Bank of India (Exim Bank) has projected India‘s total merchandise exports for the first quarter of FY22 to reach $87.2 billion.

It would be around 70 per cent higher than $51.3 billion during the same quarter last fiscal, Exim Bank said in a statement.

Non-oil exports are likely to grow over 68 per cent on a year-on-year basis to $78.26 billion, compared to $46.4 billion during April-June, FY21.

“The sharp rise in India’s exports could be attributed largely to the low base effect, pick up in global oil prices, and strong growth in advanced economies,” it said.

While the peak of the second wave of infections of the Covid-19 pandemic witnessed in India during end April-May 2021, could have subdued exports during the quarter to some extent, exports from India have nevertheless been relatively resilient.

The forecasts are based on India Exim Bank’s Export Leading Index (ELI) Model, which has shown an upward movement during the same quarter.



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Tata Steel, HSBC execute paperless trade transaction

Banking & Finance

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For the first time ever, Tata Steel and HSBC executed a blockchain-enabled, paperless trade transaction.

The paperless trade transaction was made possible by Tata Steel’s collaboration across the spectrum over the Contour and essDOCS platforms.

Also read: Tata group to import 24 cryogenic containers to transport liquid oxygen

The live trade finance transaction involved export of steel by Tata Steel to Universal Tube & Plastic Industries, UAE.

The Letter of Credit was issued by HSBC UAE for Universal Tube & Plastic Industries, UAE (importer), with HSBC India as the advising and negotiating bank for Tata Steel, India (exporter).

Tata Steel plans to explore similar opportunities in other export markets in future.

Peeyush Gupta, VP (Steel Marketing & Sales), Tata Steel, said adoption of this platform enables a faceless yet trustworthy all-time interface for better customer experience. This initiative, executed in collaboration with HSBC, demonstrates Tata Steel’s effort to lead technology-led disruptions by challenging the status quo and reimagining the global trade set-up, he said.

Hitendra Dave, Head-Global Banking & Markets, HSBC India, said having pioneered Blockchain technology deployment in trade finance, the bank is focused on enhancing its utilisation across a wider spectrum of trade finance transactions.

The transaction is a significant step towards mass commercialisation and adoption for a transformative impact on trade finance, he added.

Contour, which has been built on blockchain technology, enables the underlying LC trade transaction to be fully digitised from the LC issuance to presentation of documents. It also enables parties to transfer, manage and present electronic Bills of Lading and supporting documents within its platform via the interface with essDOCS’ CargoDocs platform.

Also read: Tata Steel to rejig Corby tube plant in UK

Corporates can reduce the costs associated with handling paper-based documents, its reconciliation and streamline their processing flow.

It also helps to reduce the document negotiation and banking transaction cycle from weeks to a few days, thereby aiding in unlocking of working capital for businesses.

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