Current Affairs Exam > Current Affairs Questions > Consider the following statements:1. The Expo...
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Consider the following statements:
1. The Export Credit Guarantee Corporation (ECGC) is wholly owned by the Ministry of Finance
2. The Micro, Small and Medium Enterprises (MSMEs) form the majority of the client base of ECGC.
3. The NIRVIK scheme is introduced by ECGC to enhance loan availability and ease the lending process.
Which of the statements given above is/are correct?
- a)1 and 2 only
- b)2 and 3 only
- c)3 only
- d)1, 2 and 3
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements:1. The Export Credit Guarantee Corpo...
- Recently, the Union Cabinet has approved capital infusion in the Export Credit Guarantee Corporation (ECGC) and its listing through an initial public offering.
- The government will inject Rs 4,400 crore in the ECGC over a period of five years beginning 2021-22.
- The ECGC Ltd is wholly owned by the Ministry of Commerce and Industry. Hence, statement 1 is not correct.
- The Government of India had initially set up the Export Risks Insurance Corporation in 1957.
- After the introduction of insurance covers to banks during the period 1962-64, the name was changed to Export Credit & Guarantee Corporation Ltd in 1964.
- It was changed to ECGC Ltd in August 2014.
- Objectives: ECGC was established to promote exports by providing credit insurance services to exporters against non-payment risks by the overseas buyers due to commercial and political reasons.
- The Capital infusion will enable it to expand its coverage to export-oriented industries, particularly labour-intensive sectors.
- ECGC is a market leader with around 85% market share in the export credit insurance market in India and provided support to exports worth Rs 6.02 lakh, or 28% of merchandise exports, in FY21.
- Micro, Small and Medium Enterprises (MSMEs) form 97% of the client base of ECGC. Hence, statement 2 is correct.
- The process of listing ECGC on the stock market is also being initiated so that it can raise more funds.
- The ECGC has introduced the Export Credit Insurance Scheme (ECIS) called NIRVIK (Niryat Rin Vikas Yojana) to enhance loan availability and ease the lending process. Hence, statement 3 is correct.
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Community Answer
Consider the following statements:1. The Export Credit Guarantee Corpo...
The correct answer is option 'B' - 2 and 3 only.
Explanation:
Statement 1: The Export Credit Guarantee Corporation (ECGC) is wholly owned by the Ministry of Finance.
This statement is incorrect. The Export Credit Guarantee Corporation (ECGC) is not wholly owned by the Ministry of Finance. It is a government-owned company that operates under the administrative control of the Ministry of Commerce and Industry.
Statement 2: The Micro, Small and Medium Enterprises (MSMEs) form the majority of the client base of ECGC.
This statement is correct. The Micro, Small and Medium Enterprises (MSMEs) form the majority of the client base of ECGC. ECGC provides credit insurance services to exporters, and MSMEs are an important segment of the export industry. ECGC's services help MSMEs mitigate the risks associated with exporting and facilitate their access to credit.
Statement 3: The NIRVIK scheme is introduced by ECGC to enhance loan availability and ease the lending process.
This statement is correct. The NIRVIK (Niryat Rin Vikas Yojana) scheme has been introduced by ECGC to enhance loan availability and ease the lending process for exporters. Under this scheme, ECGC provides insurance cover to banks for export credit, thereby enabling banks to extend higher credit to exporters. The scheme aims to make Indian exports competitive and boost export credit disbursement.
In conclusion, statement 2 and 3 are correct while statement 1 is incorrect. Therefore, the correct answer is option 'B' - 2 and 3 only.
Explanation:
Statement 1: The Export Credit Guarantee Corporation (ECGC) is wholly owned by the Ministry of Finance.
This statement is incorrect. The Export Credit Guarantee Corporation (ECGC) is not wholly owned by the Ministry of Finance. It is a government-owned company that operates under the administrative control of the Ministry of Commerce and Industry.
Statement 2: The Micro, Small and Medium Enterprises (MSMEs) form the majority of the client base of ECGC.
This statement is correct. The Micro, Small and Medium Enterprises (MSMEs) form the majority of the client base of ECGC. ECGC provides credit insurance services to exporters, and MSMEs are an important segment of the export industry. ECGC's services help MSMEs mitigate the risks associated with exporting and facilitate their access to credit.
Statement 3: The NIRVIK scheme is introduced by ECGC to enhance loan availability and ease the lending process.
This statement is correct. The NIRVIK (Niryat Rin Vikas Yojana) scheme has been introduced by ECGC to enhance loan availability and ease the lending process for exporters. Under this scheme, ECGC provides insurance cover to banks for export credit, thereby enabling banks to extend higher credit to exporters. The scheme aims to make Indian exports competitive and boost export credit disbursement.
In conclusion, statement 2 and 3 are correct while statement 1 is incorrect. Therefore, the correct answer is option 'B' - 2 and 3 only.
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Consider the following statements:1. The Export Credit Guarantee Corporation (ECGC) is wholly owned by the Ministry of Finance2. The Micro, Small and Medium Enterprises (MSMEs) form the majority of the client base of ECGC.3. The NIRVIK scheme is introduced by ECGC to enhance loan availability and ease the lending process.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements:1. The Export Credit Guarantee Corporation (ECGC) is wholly owned by the Ministry of Finance2. The Micro, Small and Medium Enterprises (MSMEs) form the majority of the client base of ECGC.3. The NIRVIK scheme is introduced by ECGC to enhance loan availability and ease the lending process.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2025 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements:1. The Export Credit Guarantee Corporation (ECGC) is wholly owned by the Ministry of Finance2. The Micro, Small and Medium Enterprises (MSMEs) form the majority of the client base of ECGC.3. The NIRVIK scheme is introduced by ECGC to enhance loan availability and ease the lending process.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements:1. The Export Credit Guarantee Corporation (ECGC) is wholly owned by the Ministry of Finance2. The Micro, Small and Medium Enterprises (MSMEs) form the majority of the client base of ECGC.3. The NIRVIK scheme is introduced by ECGC to enhance loan availability and ease the lending process.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?.
Consider the following statements:1. The Export Credit Guarantee Corporation (ECGC) is wholly owned by the Ministry of Finance2. The Micro, Small and Medium Enterprises (MSMEs) form the majority of the client base of ECGC.3. The NIRVIK scheme is introduced by ECGC to enhance loan availability and ease the lending process.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2025 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements:1. The Export Credit Guarantee Corporation (ECGC) is wholly owned by the Ministry of Finance2. The Micro, Small and Medium Enterprises (MSMEs) form the majority of the client base of ECGC.3. The NIRVIK scheme is introduced by ECGC to enhance loan availability and ease the lending process.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements:1. The Export Credit Guarantee Corporation (ECGC) is wholly owned by the Ministry of Finance2. The Micro, Small and Medium Enterprises (MSMEs) form the majority of the client base of ECGC.3. The NIRVIK scheme is introduced by ECGC to enhance loan availability and ease the lending process.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?.
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ample number of questions to practice Consider the following statements:1. The Export Credit Guarantee Corporation (ECGC) is wholly owned by the Ministry of Finance2. The Micro, Small and Medium Enterprises (MSMEs) form the majority of the client base of ECGC.3. The NIRVIK scheme is introduced by ECGC to enhance loan availability and ease the lending process.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice Current Affairs tests.
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