Govt should utilise IFSC platform to support export industry: Officials

To support the export industry amid a difficult economic scenario,the government has been requested to utilise IFSC platform at the GIFT City toenable various international financial services at competitive cost, senior officials said.

Banking unitsandstock exchanges at IFSC, among other institutions, can play an important role towards this goal, the officials said.

IFSC wrote a letterto the Commerce Ministry earlier this month and suggested several measures forexport financing and export credit that need to be taken to support the industry amid nationwide lockdown to tackle the coronavirus pandemic, they said.

The proposal has been made in reply to suggestions sought by the ministry from the International Financial Services Centre (IFSC) in order to support exporters.

The officials said the current COVID-19 situation would have an impact on global trade.

Apart from this,they said there are other challenges which the Indian exporters face, including pressure from the WTO and ...