The Federation of Indian Export Organisations (FIEO), Punjab Chapter, in association with Export Credit Guarantee Corporation Limited (ECGC) organised an exporter's meet here on Friday.
SC Ralhan, regional chairman (north), FIEO, apprised the participants of the growing need of ECGC credit insurance cover keeping in view the unstable business conditions, including economic and political upheavals, in some parts of the world.
He said they had an export target of 350 billion dollars in this fiscal year as set by the ministry of commerce and industry. He said bad payments or default in export payment receipts was a major hurdle and a global problem and more than 20 percent of the exporters in the country were facing this problem.
He urged the ECGC officials to take up the insurance claims of genuine exporters in the country on priority basis.
Vilas Pathak, assistant general manager (AGM), ECGC, Ludhiana, apprised the participants of the available policy covers and the new ones which are more flexible in terms of making payments. “ECGC cover or credit risk insurance shouldn't be taken as burden on business revenue rather it's a part and parcel of export business which keeps one safe and mentally satisfied in case his export proceeds gets stuck in offshore lands due to any valid or invalid cause.”
Meanwhile, Chitra Kirti Vassan, zonal manager, Dena Bank, who was the chief guest on the occasion, said: “We need quite aggressive approach and role to increase the speed of business in every sphere of trade. Taking the insurance risk coverage of export shipments is very crucial and should be taken seriously.”