The Export Credit Guarantee Corporation of India (ECGC) plans to clear all pending claims of apparel exporters in four months. The Apparel Export Promotion Council organised a webinar on “Managing Trade Credit under the COVID-19 Pandemic Situation” on Friday.
M. Senthilnathan, Chairman and Managing Director of ECGC, said during a webinar that the Corporation plans to clear all pending claims in four months. Exporters should share their documents and correspondences with international buyers so that the ECGC can process the claims quickly. Insolvency rates are high in the developed economies and these are going to go up further because of the pandemic’s impact on GDP growth. This has SMEs particularly, he said.
A. Sakthivel, chairman of the council, said several international buyers had cancelled their orders which had led to severe financial problems for apparel exporters.
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