The Hindu : Tamil Nadu / Chennai News : Exim Bank will support export of services

Online edition of India's National Newspaper
Monday, Jan 22, 2007
ePaper


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Tamil Nadu

Tamil Nadu - Chennai

Exim Bank will support export of services

Special Correspondent

It has successfully supported export of Indian films

CHENNAI: The Export Import Bank of India, which has played a prominent role in promoting long-term project exports and product development, production and marketing of merchandise exports, has started paying attention to export of services, according to Chairman and Managing Director T.C. Venkat Subramanian.

Starting with software, the bank has in recent times successfully supported the export of Indian films, and would assist exporters of engineering design services, education services and healthcare, Mr. Venkat Subramanian said.

Addressing a seminar on `Indian industry: journey towards a borderless world,' organised here on Saturday by the Exim Bank and Industrial Economist, he said the bank had helped Indian companies acquire manufacturing units and distribution outlets in world markets.

He said a remarkable feature of India's exports was that they were driven by domestic companies. Only 10 per cent of India's exports were by multinational corporations, while in the case of China, MNCs accounted for 52 per cent of exports.

Mr. Venkat Subramanian urged industries to use the bank's services to overcome supply side constraints and adopt an aggressive attitude to marketing as done by the Chinese.

Presentations made by Meidrich Ltd, Bangalore (drug formulations), Progressive Constructions, Hyderabad (road and dam construction), AVT Natural Products, Kochi, (natural pigments, spices oils and oleoresins), ITC Ltd (agarbattis) and Larsen and Toubro-ECC Division, Chennai (turnkey projects) highlighted the strategies adopted by the companies in capturing markets abroad and the role played by Exim Bank in their endeavours.

Vinayshil Gautam, Professor of Management, IIT-Delhi, in his keynote address, highlighted the role played by local cultural factors in decision-making and the conduct of business in the era of globalisation.

Reports prepared by international consultants, he said, often overlooked local political and cultural factors, leading to unwarranted euphoria about the place of India in current-day world. Employability in the 21st century would be under constant threat because of the metamorphosis of business processes, and constant upgrading of competencies would be required even to retain jobs.

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