Question

Sanjay has set up in Faridabad unit to manufacture various types of home decorative

items. He deals with various kinds of vases, Chimes, figurines, and things that can

beautify the houses, he now wishes to export his products to different countries and

develop export worthiness.

I. In context of the above briefly describe any one such agencies that he can

approach in this regard.

II. Explain objectives of that agency.​

Answer 1

I. One agency that Sanjay might consider approaching to develop export worthiness for his decorative home items is the Export-Import Bank of India (EXIM Bank).

• The Export-Import Bank of India is a government-owned financial institution that provides various types of support to Indian exporters, including financing, insurance, and technical assistance.

II. The EXIM Bank's main objectives are to promote and finance foreign trade in India and assist in developing export-oriented industries.

• Some specific ways in which the EXIM Bank could assist Sanjay's business could include providing financing for exports, helping to identify potential buyers or distributors in foreign markets, and providing technical assistance to improve the quality or competitiveness of the products.
• By working with the EXIM Bank, Sanjay may overcome some challenges associated with exporting and expanding his business into new markets.

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Answer 2

Answer:

The agency which deal with various furniture and decorative items is Export-Import Bank of India (EXIM Bank).

Explanation:

Exim Bank was established by the Government of India, under the Export-Import Bank of India Act, 1981 as a purveyor of export credit, mirroring global Export Credit Agencies. Exim Bank serves as a growth engine for industries and SMEs through a wide range of products and services. This includes import of technology and export product development, export production, export marketing, pre-shipment and post-shipment and overseas investment.

Exim Bank extends Lines of Credit (LOCs) to overseas financial institutions, regional development banks, sovereign governments and other entities overseas, to enable buyers in those countries to import developmental and infrastructure projects, equipment, goods and services from India, on deferred credit terms. EXIM Bank has laid strong emphasis on enhancing project exports, the funding options for which have been enhanced with introduction of the Buyer's Credit-National Export Insurance Account (BC-NEIA) program.

The EXIM Bank's main objectives are to promote and finance foreign trade in India and assist in developing export-oriented industries.

Some specific ways in which the EXIM Bank could assist Sanjay's business could include providing financing for exports, helping to identify potential buyers or distributors in foreign markets, and providing technical assistance to improve the quality or competitiveness of the products.

By working with the EXIM Bank, Sanjay may overcome some challenges associated with exporting and expanding his business into new markets.

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