According to India’s Commerce Minister Piyush Goyal, India is seeking to reduce the bank lending rate for exporters. The Indian Commerce Ministry is working with both the Reserve Bank of India and private banks. To resolve expensive and inadequate credit, banks will provide foreign currency loans. Goyal noted that subsidies are not a good solution to any trade-related issues.
The Export Credit Guarantee Corporation of India (ECGC) is being tasked to develop supporting insurance solutions for traders that minimize their risk to banks. State and locally levied taxes may also be refunded to exporters. Goyal added that due to the global trade wars, India had a $50 billion opportunity in the export market. Additionally, the Ministry is actively negotiating with the US and other countries for improved trading pacts.