Exim Bank

It is a five-year contract spanning from 2023 to 2028 and it is also the biggest ever order received by Bharat Electronics for Avionic Systems. The order includes the supply of critical avionics Line Replaceable Units (LRUs), flight control computers and night flying LRUs, said the Aerospace company HAL.

In a statement the bank said the listing was done virtually, during the launching ceremony of AFRINEX on October 25. Prime Minister of Mauritius, Pravind Kumar Jugnauth, High Commissioner of India to Mauritius, K. Nandini Singla, and Managing Director of India Exim Bank, Harsha Bangari, rang the digital bell on AFRINEX. The transaction at a coupon of 2.25 per cent p.a. marked a record low for any Indian issuer for a 10-year US dollar issuance.

The rise in India's exports could be attributed largely to the low base effect, pick-up in growth in advanced economies and the resultant increase in global import demand, India Exim Bank said. Increase in commodity prices have also contributed to the increase in India's exports. Forecast of growth in India's total merchandise exports and non-oil exports are released by India Exim Bank on a quarterly basis.

In a statement, the bank said that the coupon rate of 2.25 per cent is at a record low for any 10-year bond issuance from India. The funds will be used by the bank to support Indian project exports, overseas investment by way of long-term credit and its export lines of credit portfolio, it said.

On the other hand, total merchandise exports are forecast to continue to witness a moderation to $ 77.6 billion in the third quarter of 2020-21, as compared to $ 79 billion in the corresponding quarter of the previous year, on the back of one of the steepest and continued contractions in India's oil exports, witnessed since March 2020.