Exim Bank to boost R&D financing | business | Hindustan Times
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Exim Bank to boost R&D financing

business Updated: Dec 10, 2010 15:28 IST

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Kolkata, Dec 10 (PTI) Exim Bank, the leading export finance institution in the country, will actively provide finance for R&D activity by companies, its Chairman and Managing Director, T C A Ranganathan said on Friday. "India's hi-tech exports are very low as compared to our low-tech exports," he told reporters on the sidelines of an Indian Chamber of Commerce seminar. "It has been noticed that the rate of growth of hi-tech exports is higher than that of low-tech exports, however, this was because the base for hi-tech exports was small", he added.

He was also of the opinion that only expenditure in research and development would help boost hi-tech exports for which Exim Bank was ready to finance R&D, quality enhancement and product development. On credit offtake, he said business was usual. Ranganathan also mentioned, "one cause of concern was that rate of growth of imports was higher that rate of growth of exports leading to trade gap."

On a positive note he added , "on an year-on-year basis, credit disbursements by Exim Bank were growing at 18% to 19%".