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The Export-Import Bank of India (EXIM bank), reported on 21st may 2011, that it is negotiating a 100 million dollars loan from ADB (Asian Development Bank) for funding small and medium enterprises (SMEs). This agreement will be signed within three moths. These funds will be used for capital expenditure incurred by SMEs in lagging states like Uttar Pradesh, Madhya Pradesh, Jharkhand, Orissa and Rajasthan.
EXIM Bank has laos stated that it has not lost the sight of SMEs and agri exporters, in the effort to facilitate globalization of trade, as they also have the potential to play a major role in increasing India’s international trade. EXIM Bank offers a lot of flexibility in the pricing of SME loans, besides offering cheaper credit when compared to commercial banks. The Bank’s aim is to facilitate the transformation of Indian companies into global corporations. The Bank has said that it is trying to act as a catalyst for boosting India’s international trade.
The Bank has stated that, electronic exports have shown remarkable growth in recent past., despite the increase in challenges in global market. Software is a major services exports from India. Both exports and imports are increased by 19%. Gems and Jewellery and Petro products are major exports from India, while crude, gold and electronic items are major imports.