{"id":54247,"date":"2021-10-02T10:22:13","date_gmt":"2021-10-02T10:22:13","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=54247"},"modified":"2021-10-02T10:24:30","modified_gmt":"2021-10-02T10:24:30","slug":"consider-the-following-statements-with-respect-to-the-export-credit-guarantee-corporationecgc","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/consider-the-following-statements-with-respect-to-the-export-credit-guarantee-corporationecgc\/","title":{"rendered":"Consider the following statements with respect to the Export Credit Guarantee Corporation(ECGC)."},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Consider the following statements with respect to the Export Credit Guarantee Corporation(ECGC).<\/h2>\n\n\n\n<p>1. It is a market leader in India with around 85% market share in the Export Credit Insurance market.<\/p>\n\n\n\n<p>2. The Insurance Regulatory and Development Authority of India is its nodal agency.<\/p>\n\n\n\n<p>Which of the statement\/s is\/are correct?<\/p>\n\n\n\n<p>A. 1 Only<\/p>\n\n\n\n<p>B. 2 Only<\/p>\n\n\n\n<p>C. Both 1 &amp; 2<\/p>\n\n\n\n<p>D. None<\/p>\n\n\n\n<p><strong>Answer:<\/strong> 2 Only<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Explanation:<\/h3>\n\n\n\n<p>The Cabinet approved an infusion of over \u20b96,000 crore into entities providing export insurance cover to facilitate additional exports worth over \u20b95.6 lakh crore over the next five years. It also approved the listing of state-run Export Credit Guarantee Corporation (ECGC) on the stock exchanges.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Export Credit Guarantee Corporation(ECGC)<\/h4>\n\n\n\n<p><strong>Establishment:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The ECGC Ltd is wholly owned by the Ministry of Commerce and Industry.<\/li><li>The Government of India had initially set up the Export Risks Insurance Corporation in 1957.<\/li><li>After the introduction of insurance covers to banks during the period 1962-64, the name was changed to Export Credit &amp; Guarantee Corporation Ltd in 1964.<\/li><li>It was changed to ECGC Ltd in August 2014.<\/li><\/ul>\n\n\n\n<p><strong>Objectives:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>ECGC was established to promote exports by providing credit insurance services to exporters against non-payment risks by the overseas buyers due to commercial and political reasons.<\/li><\/ul>\n\n\n\n<p><strong>Significance of Capital infusion:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>It will enable it to expand its coverage to export-oriented industries, particularly labour-intensive sectors.<\/li><li>ECGC is a market leader with around 85% market share in the export credit insurance market in India and provided support to exports worth Rs 6.02 lakh, or 28% of merchandise exports, in FY21.<\/li><li>Micro, Small and Medium Enterprises (MSMEs) form 97% of the client base of ECGC.<\/li><li>The process of listing ECGC on the stock market is also being initiated so that it can raise more funds.<\/li><\/ul>\n\n\n\n<p><strong>UPSC Daily Current Affairs Quiz Test 2 October 2021 <a href=\"https:\/\/www.gkseries.com\/blog\/upsc-daily-current-affairs-quiz-2-october-2021\/\">Click Here<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Consider the following statements with respect to the Export Credit Guarantee Corporation(ECGC). 1. It is a market leader in India with around 85% market share in the Export Credit Insurance market. 2. The Insurance Regulatory and Development Authority of India is its nodal agency. Which of the statement\/s is\/are correct? A. 1 Only B. 2 [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":54245,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1863],"tags":[],"class_list":["post-54247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-upsc-ca-quiz"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/54247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=54247"}],"version-history":[{"count":2,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/54247\/revisions"}],"predecessor-version":[{"id":54254,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/54247\/revisions\/54254"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/54245"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=54247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=54247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=54247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}