New Delhi, Sep 12 (KNN) All pending GST refunds due to MSMEs will be paid within 30 days and improved One Time Settlement policy will benefit MSMEs and retail borrowers in settling their overdue, said Piyush Goyal,  Union Minister for Commerce and Industry.

Addressing the Board of Trade meeting, Goyal said that each district of India has the potential equal to that of a country with its own distinct handicraft and unique specialties like saris, perfumes, sweets and utensils which has the potential for exports.

There is a need for transforming each district of India into anexport hub, he added.

The Board of Trade and Council for Trade Development and Promotion have been merged into the Board of Trade and representatives of both bodies were present in today’s interactive meeting.

Commerce and Industry Minister urged his colleagues from States to identify and take measures to realize this by incorporating it into its export strategy.

He mentioned that the merger of banks will now enable them to disburse enhanced credit, raise their risk appetite and to raise resources from the market.

He added that Rs 70,000 crore will be released to PSBs upfront and additional lending and liquidity to the tune of Rs 5 lakh crorethat will benefit corporate, retail borrowers,MSMEs,smalltradersand exporters.

In his opening remarks Goyal listed out the many initiatives that have been taken to digitisethe interaction with exporters like e-issue of importer-exporter’s code, paperless MEIS, paperless Advance and EPCG Authorizations and online RCMC for exporters. Thereorganization of DGFT field offices have led to better utilization of human resources.

The Commerce and Industry Minister announced that the Ministry will soon be coming out with a credit scheme for exporters with enhanced insurance cover upto 90% instead of the present 60%.

Goyal said that there has not been much growth in exports this year and

Commerce and Industry Minister hoped that the day-long session will help in identifying undesirable imports and help in the formulation of guidelines for the foreign trade policy which is being formulated to make it more robust.