COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES

Parliament passes Exim Bank bill; capital limit raised to Rs 10 billion

The bill, which has already been approved by the Lok Sabha, seeks to increase the authorised capital of the bank from Rs 5 billion to Rs 10 billion.

Replying to the brief debate, minister of state for finance K M R Janardhanan said the bill is aimed at strengthening the bank's operations. He denied that any state was being given a stepmotherly treatment in the matter of promoting exports.

The minister said there was need to enhance the bank's capital to boosting exports.

Participating in the discussion, H Hanumanthappa of the Congress wanted to know why the capital of the bank was being increased to Rs 10 billion from Rs 5 billion.

Ved Prakash Goel of the Bharatiya Janata Party hoped the bank would take advantage of the liberal economic policies for the country's benefit. The member said the amending bill would provide greater credibility to the bank's operations.

Vijayaraghvan of the Communist Party of India-Marxist stressed the need to enhance the country's share in world exports as it had failed to promote exports.

R K Kumar of the All India Anna Dravida Munnethra Kazhagam, N N Ojha of the Communist Party of India and John Fernandes of the Congress also spoke on the bill.

UNI

Business news