Only 15 per cent of the country's exports are protected by export credit insurance, Mr G. Balachandran, directorate-general, Federation of Indian Export Organisations (FIEO), said at an interaction of Karnataka exporters with the ECGC and Exim Bank.
According to him, the low level of export credit cover, meant to protect exporters from payment risks of a political and a commercial nature abroad, showed the need for serious efforts from the Export Credit Guarantee Corporation of India (ECGC) to be more responsive to exporters' needs.
Admitting that many exporters are unaware of the insurance services and products of the ECGC, the Corporation general manager, Ms Geetha Muralidharan, said the blame falls on both the corporation and the exporters.
The corporation, whose insurance activities for exporters fall under the Insurance Regulatory and Development Authority (IRDA) ambit, needs to make more efforts to promote its facilities, Ms Muralidharan said.
