Question
Banks are permitted to allow Startups to raise ECB under
the automatic route, The borrowing per Startup will be limited to USD………… per FY Read the following passage and answer the next 5 question (Q11-Q15) After a sharp decline in pandemic-hit FY21, overseas fundraising of Indian corporates have regained momentum. As per the latest RBI data, external commercial borrowings (ECBs) of India Inc in FY22 stood at $38.5 billion, witnessing a 10 per cent growth over FY21. External borrowings of India Inc touched a historic high of $52 billion in FY20 amid surplus liquidity and low interest rates in the global markets. However, the quantum of overseas borrowing declined by 32 per cent to $35 billion in FY21 as the pandemic-led uncertainties forced corporates to postpone their fundraising and expansion plans, besides deleveraging their balance sheets. However, pick-up in economic activity post unlocking and the continued availability of cheaper funds abroad induced corporates to tap overseas funding in the previous fiscal. “ECB issuances by Indian companies grew by 10 per cent y-o-y in FY22 to $38.5 billion. While in absolute terms, it is still lower than the peak observed in FY20 at $53 billion, sequential increase clearly shows improvement in corporate performance and credit growth. Source: BusinessLineSolution
AD Category-I banks are permitted to allow Startups to raise ECB under the automatic route. The borrowing per Startup will be limited to USD 3 million or equivalent per financial year either in INR or any convertible foreign currency or a combination of both.
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