The Export Credit Guarantee Corporation Of India expects service exports to account for at least 15 to 20 per cent of its total business in the next two years. Service exports at present contribute less than 5 per cent of ECGC's business.
ECGC's chairman and managing director PMA Hakeem said, with software exports on the rise, the corporation was interacting with software companies to understand their needs and create products for them. Besides, ECGC would reduce the premium rates on exports to developing countries and emerging markets by 25 to 35 per cent on all items, from 1 April 2003.
This would act as a catalyst towards achieving 1 per cent of the world trade by 2007, he said. Further, ECGC would unveil two new schemes, a turnover policy and buyer policy, in April to cater to the specific needs of exporters, he said.
