Page 22 - Banking Finance May 2024
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PRESS RELEASE

          India Exim Bank forecasts India’s merchandise exports to amount to

             US$ 118.2 bn and Non-oil exports to amount to US$ 95 bn for Q4

                                         (January-March) of FY2024

          Export-Import Bank of India (India Exim Bank) forecasts India’s total merchandise exports to amount to US$ 118.2 bn,
          witnessing an y-o-y growth of 2.96%, while non-oil exports are forecast to amount US$ 95 bn, witnessing an y-o-y growth
          of 4.55%, during Q4 (January-March) of FY2024.  These positive growth rates are expected to be witnessed against the
          backdrop of negative growth seen during the first two quarters of the year. Positive growth in India’s exports could be
          as a result of India’s strong GDP growth fundamentals and outlook and expected global easing of monetary tightening
          spurring global demand. The outlook is, however, subject to risks of uncertain prospects for advanced economies,
          geopolitical shocks, the middle east crisis leading to the intensification of the Red Sea crisis and deepening geoeconomic
          fragmentation, among other factors.
          With these forecasts, India’s total merchandise exports for the full year for FY2024 are expected to be at US$ 435.3
          billion, while non-oil exports figures are likely to be maintained at the previous year’s level.  However, oil exports are
          expected to remain subdued during the year, contracting by US$ 12.5 billion, compared to the FY2023.
          Forecast of growth in India’s total merchandise exports and non-oil exports are released by Exim Bank on a quarterly
          basis, during the first fortnight of the months of May, August, November, and February for the corresponding quarters,
          based on its Export Leding Index (ELI) model. The next growth forecast for India’s exports for the 1st quarter of FY 2025
          (i.e. April-June 2024) would be released during the first fortnight of May 2024.
          The improvisations to the model and the forecast results have been reviewed by a standing technical committee of
          domain experts comprising Professor Saikat Sinha Roy, Professor & Head,  Department of Economics, Jadavpur University,
          Kolkata; Professor N. R. Bhanumurthy, Vice Chancellor, BASE University, Bengaluru; Dr. Sarat Dhal, Director, Department
          of Economic and Policy Research, Reserve Bank of India, Mumbai; and Professor C. Veeramani, Director, Centre for
          Development Studies, Trivandrum.

          Memorandum of Understanding (MoU) signed between Canara Bank

                       and SINE, IIT Bombay for financing of the Start Ups
          A Memorandum of Understanding (MoU) was signed between Canara Bank and Society For Innovation & Entrepreneurship,
          (SINE) IIT Bombay on 03.04.2024 for extending financial assistance to Start-ups.
          Canara Bank is extending financial assistance for the establishment, promotion, diversification, and modernization etc.
          of industrial units all over India under its Canara Start-Up Scheme. SINE is a technology business incubator that provides
          start to end incubation and acceleration support for technology startups. SINE also actively collaborates with industry/
          corporates for its various programs, like idea to prototype, entrepreneur fellowship program, cross border program and
          scale up support for hardware and system startups such as the Plugin accelerator program.

          The Signing Ceremony was held in SINE office situated at IIT Bombay Campus on 03.04.2024 in the august presence of
          Canara Bank’s Executive Director Sri Ashok Chandra. The program was graced by Sri Purshottam Chand, CGM Canara
          bank Mumbai Circle office, Dr. V K Rao, Deputy Director Finance, IIT Bombay, Sri Santhosh Gharpure, Professor Incharge,
          IIT Bombay and other Executives of Canara Bank and SINE. The MoU was signed by Sri Ranjeet Kumar Jha, DGM (On
          behalf of Canara Bank) and Sri Shaji Verghese, CEO (on behalf of SINE).
          The officials of the Canara Bank informed that, Start-ups which are having sustainable/viable business model & also having
          the support of recognized Incubator may be financed at attractive ROI. Further it is informed that a Start Up Cell is
          functioning at MCB Fort Market Branch Mumbai to cater to the funding needs of Startups at Mumbai.
          During the event, a detailed presentation on the activities of the SINE was given by Sri Shaji Verghese. After the signing
          ceremony Canara Bank officials had a facility tour at SINE building IIT Bombay.


            20 | 2024 | MAY                                                                | BANKING FINANCE
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