EXPORT IMPORT BANK OF INDIA
For a long time, the need for a separate institution to finance exports was not perceived in the country due to closed market conditions and India's limited participation in world exports. It was only in the 1980s that India's exports increased, owing to the increase in external debts, forcing India to seek out an Apex institution and the Export Export Bank (Exim Bank). Created in 1982. In addition, In the world market and the creation of the World Trade Organization (WTO) forced India to give impetus to its export finance.
All along, it was considered that the exporter of India only needs financing of rupees. But it is only because of a change in export policy to promote more value-added exports, the role of the Exim bank was greatly felt. It is time for Exim Bank to provide funding for research and development as indigenous research plays a crucial role because of intellectual property rights.