In an attempt to help the country's ailing shipping sector to strengthen its financial position, the Export Import (Exim) Bank of India is all set to inject a funding booster worth Rs. 1,500cr. Apart from this, the export finance institution also plans to start SME advisory services to assist small and medium enterprises in small cities and towns in accessing global markets and increase contribution of exports to the `Make in India' campaign of the new government at the centre, said chairman and managing director Yaduvendra Mathur, adding that the fund will be for financing the construction and refitting and repair of ships.
In addition to this, the government can also take advantage of Exim Bank's capabilities like raising funds through bond issues abroad. As a matter of fact, the shipping industry in India is going through a severe slowdown as many companies in the industry are in financial trouble. The Bank is also helping state governments, which have been lagging in exports, draft an export policy and has already helped Assam draft such a policy. The bank is looking to increase its presence in Delhi and may be shifting some officials from the line of credit department to Delhi as their work involves close coordination with Union ministries and the move will ensure fast tracked follow up of the government policies, he added.