Banking on Rice
A Comprehensive Analysis of Banking Opportunities and
Competitor Analysis in the Rice Export Industry
BY
Sourav Bisht
Roll number: PGP24251
A Report Submitted Towards Partial Fulfillment
Of the Requirements for the award of the degree
Post Graduate Diploma In Management
Batch— 2022-24
FOSTIIMA BUSINESS SCHOOL
PLOT NO HAF – 1
DWARKA SECTOR 9
NEW DELHI
Acknowledgement
I would like to express my heartfelt gratitude and appreciation to all those who
have been instrumental in the successful completion of my internship project at
ICICI Bank. Their unwavering support, guidance, and encouragement have
been invaluable throughout this journey.
I am deeply grateful to Dr. Aditya Vij, my faculty mentor from FOSTIIMA
Business School, for his invaluable support and guidance. His expertise,
mentorship, and continuous motivation have played a pivotal role in shaping my
learning experience during this internship. His insights and feedback have been
invaluable in refining my understanding and approach to the project.
My sincere appreciation goes to Mr. Abhishek Kumar, the Regional Head of
Sales at Rohini branch and my project buddy. His guidance, valuable feedback,
and willingness to share his industry experience have been instrumental in
enhancing my understanding of the banking industry and the specific project I
worked on. I am also grateful for the opportunity to learn from the entire trade
team, including Mr. Aditya and Ms. Priya Gautam. Their insights, expertise,
and support have contributed significantly to my professional growth.
I also thank Mr. Kunal (RHS Gold Loan) and his entire team who were very
welcoming and a source of constant encouragement and a well of information.
The personal experience they shared with me will greatly add value to me as a
budding professional.
I would like to extend my gratitude to the entire staff at ICICI Bank, especially
those in the trade and wealth team and the Gold Loan team, for their warm
welcome, cooperation, and valuable contributions. Their willingness to engage
in discussions, answer my queries, and involve me in various activities has
provided me with a comprehensive understanding of the banking operations and
trade-related processes.
I would also like to acknowledge the support and encouragement of my college,
FOSTIIMA Business School, for providing me with the opportunity to
undertake this internship at ICICI Bank. The college's commitment to practical
learning, emphasis on holistic development, and strong industry connections
have played a crucial role in shaping my professional journey. My heartfelt
thanks to the entire placement department who were the linchpin of the entire
SIP.
Lastly, I am grateful to my family, friends, and loved ones for their unwavering
support, understanding, and motivation throughout this internship. Their
encouragement and belief in my abilities have been instrumental in my success.
I express my heartfelt appreciation to all the individuals mentioned above and
countless others who have directly or indirectly contributed to my internship
project. Their guidance, knowledge, and encouragement have been invaluable in
enhancing my skills, expanding my horizons, and preparing me for a successful
career in the banking industry.
Declaration
I Sourav Bisht, Roll No PGP24251 a student of FOSTIIMA Business School,
New Delhi, Batch 2022-24 hereby declare that every part of the project Report
“Banking on Rice: A Comprehensive Analysis of Banking Opportunities and
Competitor Analysis in the Rice Export Industry” submitted by me is my
original work done under the guidance of Mr. Abhishek Kumar RHS, ICICI
Bank, Rohini Sector 8, for the period of 8 weeks in ICICI Bank Ltd. Rohini
Sector 8 Branch.
I also confirm that wherever I have used text or data from any other source I
have duly acknowledged the same. This report is a true reflection of the actual
work done by me during my Summer Internship Program.
I would hereby like to thank my project buddy Mr. Abhishek Kumar and my
mentor Dr. Aditya Vij who have been vital in the fruition of this project.
Date of project submission:
Sourav Bisht
PGP24251
Industry Mentor Declaration
This is to certify that the report enclosed here is the original work carried out by
Sourav Bisht a student of FOSTIIMA Business School, New Delhi towards
partial fulfillment of Post Graduate Diploma for Management from 4th May 2023
to 28th June 2023.
Abhishek Kumar
RHS
ICICI Pvt Ltd
Date:
Company Seal
Faculty Mentor Declaration
This is to certify that the report enclosed here is the original work carried out by
_____Sourav
Bisht____________
(name
of
the
student)
__PGP24251__________ (roll number) towards partial fulfillment of Post
Graduate Diploma for Management from ___4 May 2023_________ (start date
of internship to ____28 June 2023_____ (end date of internship).
(Name of Faculty Mentor)
(Date)
INDEX
Acknowledgement ................................................................................................ 2
Declaration ............................................................................................................ 4
Industry Mentor Declaration ................................................................................. 5
Faculty Mentor Declaration .................................................................................. 6
INDEX .................................................................................................................. 7
Executive Summary .............................................................................................. 9
1
INTRODUCTION ........................................................................................ 9
1.1 Brief about the Internship ..................................................................... 9
1.2 Objectives of the Internship ................................................................ 10
1.3 Scope and Uses of the Internship ........................................................ 10
1.4 Justification/ Relevance of title ........................................................... 12
2
DETAILS ABOUT THE COMPANY ...................................................... 13
2.1 Details about the company .................................................................. 13
2.2 Development of the Company ............................................................. 13
2.3 Nature, Structure of the Company ..................................................... 13
2.4 Performance of the Company ............................................................. 13
3
DETAILS ABOUT THE PRODUCT AND INDUSTRY ....................... 15
3.1 Nature and Characteristics of the product ........................................ 15
3.2 Performance of the sector in the market and Industry .................... 16
3.3 Comparative Analysis of the sector in the market and Industry .... 16
4
REVIEW OF LITRATURE ...................................................................... 17
5
METHODOLOGY OF INTERNSHIP..................................................... 19
6
DETAILS OF THE ACTUAL PROJECT DONE .................................. 19
6.1 Research on ICICI Bank’s Services ................................................... 20
6.2 Banking Opportunities ........................................................................ 24
6.3 Criteria to judge competitive edge ...................................................... 27
6.4 ICICI Bank vs Other Banks ................................................................ 29
7
ACHIEVEMENTS/ FINDINGS FROM THE PROJECT ..................... 31
8
RECOMMENDATIONS TO THE COMPANY ..................................... 33
9
CONCLUSION ........................................................................................... 34
10
APPENDICES.......................................................................................... 36
10.1
World’s export of Rice ...................................................................... 36
10.2
India’s export of Rice (country-wise) .............................................. 36
10.3
Top Exporters of Rice (Non-Basmati) ............................................. 37
10.4
Top Exporters of Rice (Basmati) ..................................................... 39
10.5
Checklist and Documentations for key Trade Transactions ........ 42
Executive Summary
1
INTRODUCTION
1.1
Brief about the Internship
I had the privilege of undertaking an 8-week internship at ICICI Bank,
where I worked under the guidance of Mr. Abhishek Kumar, the
Regional Head of Sales at the Rohini branch for the Wealth and Trade
Department. The focus of my internship was on "Banking
opportunities and competitor analysis in Export Oriented Units with
detailed analysis of one industry." Throughout the internship, I gained
valuable insights and hands-on experience in various aspects of the
banking industry.
During the internship, I embarked on an extensive research journey,
delving into topics such as import and export regulations,
documentation requirements, export financing options, and risk
management strategies for exporters. I familiarized myself with the
Reserve Bank of India (RBI) guidelines and explored the Master
Circular for import of goods and services. This enabled me to
understand the crucial role that banks play as agents of the RBI in
facilitating international trade.
As part of my project, I conducted a detailed analysis of one specific
industry, focusing on the banking opportunities and potential
competitors in Export Oriented Units. I explored the services and
offerings of ICICI Bank and researched other banks to gain insights
into their approaches and strategies. This involved gathering data,
analyzing market trends, and understanding the competitive landscape.
In addition to the research aspect, I actively tried to gain an
understanding of the culture of the bank. I observed the team
members, analyzing the team dynamics and the superior-subordinate
relationship. I had the honor of observing their ongoing projects. I also
had the opportunity to work closely with the regional sales team of
Gold Loan, assisting them in various areas such as advanced Excel
functions, process automation, and presentation creation.
Throughout the internship, I had the privilege of interacting with
experienced professionals, including Mr. Abhishek Kumar, who
provided valuable guidance and mentorship. Their insights, industry
expertise, and willingness to share knowledge greatly contributed to
my professional growth and understanding of the banking sector.
The internship also provided me with opportunities to observe and
participate in important activities, such as attending an interview for
key positions under the mentorship of Mr. Kunal (RHS Gold Loan)
and assisting in the creation of presentations for internal events and
attending client meetings. These experiences further broadened my
understanding of the organizational dynamics and the various roles
within the bank.
Overall, the internship at ICICI Bank has been a transformative
learning experience. It has allowed me to apply theoretical knowledge
in a practical setting, develop key skills required in the banking
industry, and gain a deeper understanding of the challenges and
opportunities in the field of trade finance. I am immensely grateful to
ICICI Bank, Mr. Abhishek Kumar, and the entire trade and wealth
team for their support, guidance, and invaluable contributions
throughout this internship.
1.2
Objectives of the Internship
a). Conduct a comprehensive analysis of the rice export industry in
India, including an overview of the key players, trends, and challenges
in the market.
b). Identify and evaluate the banking opportunities in the rice export
industry, including an assessment of the financing needs of the players
in the market and the potential for new products and services.
c). Conduct a competitor analysis to identify the strategies adopted by
other banks and financial institutions in the rice export industry and to
evaluate their strengths and weaknesses.
d). Develop recommendations for ICICI Bank to capitalize on the
opportunities in the rice export industry and to strengthen its position
in the market.
1.3
Scope and Uses of the Internship
The scope of this internship at ICICI Bank was wide-ranging,
providing me with a comprehensive understanding of various aspects
of the banking industry, specifically in the field of trade finance. The
internship encompassed research, analysis, practical application of
skills, and exposure to real-world scenarios within the banking sector.
The duration of the internship, spanning 8 weeks, allowed for a
substantial exploration of the subject matter and facilitated a
meaningful learning experience.
The uses of this internship are multifold and extend beyond the
immediate learning gained during the internship period. Some of the
key uses include:
1. Knowledge Enhancement: The internship provided an opportunity
to deepen my knowledge and understanding of banking opportunities
and competitor analysis in Export Oriented Units. Through extensive
research, interaction with industry professionals, and exposure to realworld scenarios, I gained valuable insights and expanded my
knowledge base in the field of trade finance.
2. Practical Application: The internship offered practical exposure to
the day-to-day operations of a trade and wealth team within ICICI
Bank. I had the chance to work on real projects, collaborate with team
members, and apply theoretical knowledge in a practical setting. This
hands-on experience equipped me with practical skills and a better
understanding of the dynamics of the banking industry.
3. Skill Development: The internship facilitated the development of
various skills that are highly relevant in the banking sector. These
include research and analytical skills, data gathering and
interpretation, report writing, presentation creation, and effective
communication. These skills are transferable and can be applied in
future academic and professional endeavors.
4. Networking Opportunities: During the internship, I had the
opportunity to interact with experienced professionals, including Mr.
Abhishek Kumar and other members of the trade and wealth team.
Building professional connections and networking within the industry
is invaluable for future career growth and opportunities.
5. Industry Insight: The internship provided a glimpse into the inner
workings of the banking industry, particularly in the context of trade
finance. It allowed me to understand the regulatory frameworks,
documentation requirements, risk management strategies, and
financing options involved in international trade. This industry insight
will prove beneficial in pursuing a career in banking or related fields.
6. Personal and Professional Growth: The internship experience at
ICICI Bank fostered personal and professional growth. It challenged
me to step out of my comfort zone, develop problem-solving skills,
and adapt to a dynamic and fast-paced environment. The exposure to
real-world scenarios, collaboration with industry professionals, and
overcoming challenges contributed to my overall growth and maturity.
The scope and uses of this internship are vast and extend beyond the
immediate internship period. The knowledge, skills, industry insights,
and professional connections gained during this experience will serve
as a solid foundation for future endeavors in the banking and finance
sector.
1.4
Justification/ Relevance of title
"Banking on Rice: A Comprehensive Analysis of Banking
Opportunities and Competitor Analysis in the Rice Export Industry"
The selected title, "Banking on Rice," provides a concise and
captivating representation of the project's focus and objectives. It
effectively communicates the central theme of the study, which is to
explore the banking opportunities and competitor analysis within the
rice export industry. Here are the justifications and relevance of the
title:
Specificity: The title clearly specifies the industry under investigation,
which is the rice export industry. By narrowing down the scope to a
specific sector, the project aims to provide in-depth insights and
analysis tailored to the unique characteristics and dynamics of the rice
export industry.
Banking Opportunities: The term "Banking on Rice" emphasizes the
project's primary objective of exploring the various banking
opportunities within the rice export industry. It implies that banks play
a crucial role in supporting and facilitating trade activities related to
rice exports. This focus highlights the relevance of the project to the
banking sector and underscores the importance of understanding the
specific banking needs and services required in this industry.
Competitor Analysis: The subtitle of the project, "A Comprehensive
Analysis of Banking Opportunities and Competitor Analysis,"
indicates that the study not only investigates banking opportunities but
also includes a thorough examination of competitors within the rice
export industry. This aspect is crucial for understanding the
competitive landscape, identifying market trends, and formulating
effective strategies to gain a competitive edge in the sector.
Relevance to International Trade: Rice is one of the most widely
traded commodities globally, making it an essential component of
international trade. The project's focus on banking opportunities in the
rice export industry aligns with the broader context of international
trade, where banking institutions play a vital role in facilitating
financial transactions, mitigating risks, and ensuring smooth trade
operations.
Timeliness and Market Demand: The selection of the rice export
industry as the focal point of the project is relevant and timely. With
increasing globalization and the growing demand for rice across
different regions, understanding the banking opportunities and
competitor analysis within this industry becomes increasingly crucial
for banks and financial institutions seeking to tap into this market.
2 DETAILS ABOUT THE COMPANY
2.1
Details about the company
During my internship, I worked at ICICI Bank, which is one of the
leading private sector banks in India. The bank has a nationwide
presence with over 5,000 branches and 15,000 ATMs spread across
the country. ICICI Bank offers a wide range of financial products and
services to its customers, including retail banking, corporate banking,
investment banking, and insurance.
2.2
Development of the Company
Over the years, ICICI Bank has experienced significant growth and
development, expanding its operations and services to cater to the
changing needs of customers. The bank has shown a steady growth
trend, with its net profit increasing.
2.3
Nature, Structure of the Company
ICICI Bank operates as a decentralized organization, with a structure
that allows for quick decision-making and efficient operations. The
bank is known for its innovative products and services, as well as its
use of technology to improve customer experience.
2.4
Performance of the Company
In terms of performance, ICICI Bank has consistently been ranked
among the top private sector banks in India. As of March 2021, the
bank had total assets worth INR 15.9 trillion, with a loan book of INR
7.2 trillion and a deposit base of INR 11.5 trillion. The bank has also
maintained a healthy asset quality, with gross non-performing assets
(NPAs) at 4.96% and net NPAs at 1.14%.
The data mentioned above has been sourced from the annual reports
and investor presentations of ICICI Bank. The following table
summarizes the key financial indicators of ICICI Bank for the past
five years:
Financial
FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
Indicator
Net Profit (INR
9,801
10,188
16,049
12,698
16,192
crore)
Total Assets
11,31,017 12,56,164 14,76,293 14,94,905 15,91,834
(INR crore)
Loan Book (INR 4,64,241 5,23,795 5,78,080 6,42,997 7,18,526
crore)
Deposit Base
7,82,225 8,59,373 9,83,669 10,65,215 11,52,755
(INR crore)
Gross NPA Ratio
7.89
8.84
6.70
5.53
4.96
(%)
Net NPA Ratio
4.38
4.77
3.63
1.87
1.14
(%)
3 DETAILS ABOUT THE PRODUCT AND INDUSTRY
The Indian agriculture export industry holds significant importance in the
country's economy. India is known for its diverse agricultural products, ranging
from grains, fruits, vegetables, spices, tea, coffee, and more. The industry plays
a crucial role in generating foreign exchange earnings, boosting rural income,
and supporting overall economic growth. With its vast agricultural resources,
favorable climatic conditions, and a large agricultural workforce, India has
emerged as one of the leading exporters of agricultural products globally.
Indian Rice Export:
Among the various agricultural products, Indian rice export holds a prominent
position in the global market. Rice is a staple food for a significant population
worldwide, and India has successfully positioned itself as a major player in the
global rice trade. The nature and characteristics of Indian rice exports can be
described as follows:
3.1
Nature and Characteristics of the product
Variety: India offers a wide range of rice varieties, including Basmati
and non-Basmati rice, each with its distinct aroma, flavor, and cooking
qualities. India alone exports 48 varieties of rice. Rice comes under
1006 Harmonic Code.
Quality: Indian rice is known for its high quality, superior taste, and
long grains, especially in the case of Basmati rice. Indian Basmati rice
is one of the major sources of rice and is eaten worldwide.
Quantity: India is capable of producing and exporting large quantities
of rice due to its fertile agricultural lands and advanced farming
techniques. India is the largest exporter of rice in the world.
Cultural Significance: Indian rice has cultural significance and is
widely used in traditional Indian cuisine as well as in international
dishes.
3.2
Performance of the sector in the market and Industry
Market Share: India is the largest exporters of rice globally,
consistently holding a significant market share.
Export Destinations: Indian rice is exported to various countries across
the globe, including the Middle East, Europe, the United States,
Africa, and Southeast Asia.
Competitive Advantage: The competitive pricing of Indian rice,
coupled with its quality and variety, gives it an edge in the global
market.
Brand Recognition: Basmati rice from India has gained worldwide
recognition for its exceptional quality and is sought after by
consumers and culinary experts alike.
3.3
Comparative Analysis of the sector in the market and Industry
Comparative Analysis against IT Services and Pharmaceuticals:
While Indian rice export industry has its unique characteristics and
market performance, it is interesting to compare it with other
prominent sectors like IT services and pharmaceuticals:
IT Services:
• Nature: IT services involve the delivery of technology-related
solutions, software development, IT consulting, and outsourcing
services.
• Global Demand: Indian IT services are in high demand globally
due to a large pool of skilled professionals, cost-effectiveness, and
quality services.
• Growth Potential: The IT services sector in India has witnessed
rapid growth, contributing significantly to the country's economy.
Pharmaceuticals:
• Nature: The pharmaceutical sector encompasses the production,
research, and distribution of drugs and medicinal products.
• Global Presence: Indian pharmaceutical companies are known for
their generic drug manufacturing capabilities and have a significant
presence in the global market.
• Regulatory Compliance: The pharmaceutical industry requires
stringent adherence to quality standards and compliance with
regulatory frameworks.
In comparison, while IT services and pharmaceuticals are
knowledge-intensive sectors, the rice export industry is primarily
an agricultural-based sector. Each industry has its unique
characteristics, market dynamics, and growth prospects. However,
all three sectors contribute significantly to India's export earnings
and overall economic development, showcasing the diverse
strengths and opportunities within the Indian economy.
According to the National Association of Software and Services
Companies (NASSCOM), the Indian IT industry’s revenue touched
1
US$ 227 Billion, in FY2022 with a 15.5 YoY growth. Whereas
the pharmaceutical industry earned 244.26 Billion USD.
4 REVIEW OF LITRATURE
The literature review for this project includes information from several
reliable sources such as government sites, APEDA, Department of
Commerce, and details provided by banks. Additionally, data has been
sourced from the Exim Bank and ITC Trade Map, both of which are wellknown sources for trade-related information.
The literature review also includes several articles on Exim Bank, which
provide insights into the workings of the bank and its role in supporting the
export industry. These articles highlight the critical role played by the bank
in providing financial backing and support to exporters.
The literature review also includes information on the current state of the
agricultural sector in India, which is essential to understanding the export of
rice from India. This includes data on the contribution of agriculture and
allied activities to India's GDP and the percentage of rural households that
depend on agriculture for their livelihood.
1
2
NASSCOM Website
Department of Commerce: Export Import Data Bank
Additionally, the literature review covers the growth trends in the
agricultural sector, which is critical to understanding the current and future
state of the industry. This includes data on the growth rates of the
agriculture and industrial sectors in India.
Key statistics, trends, and insights related to the export of rice in India are:
1. India is the largest exporter of rice in the world, accounting for around
30% of the global trade in rice. In 2020-21, India exported around 13.70
million tonnes of rice, worth $7.5 billion.
2. The major destinations for Indian rice exports are African countries,
followed by other Asian countries, and the Middle East. During 2020-21,
African countries accounted for around 40% of India's total rice exports.
3. Basmati rice is the major variety of rice exported from India. In 2020-21,
around 4.78 million tonnes of basmati rice, worth $3.4 billion, was
exported.
4. The export of non-basmati rice from India has been increasing in recent
years. During 2020-21, around 9.92 million tonnes of non-basmati rice,
worth $4.1 billion, was exported.
5. The government of India has taken various measures to promote rice
exports, including the provision of incentives and subsidies to exporters,
the establishment of export-oriented units, and the improvement of
infrastructure facilities.
6. The COVID-19 pandemic has had a mixed impact on rice exports from
India. While there was a decline in exports in the first half of 2020-21 due
to logistical issues and the closure of borders, the exports picked up in the
second half of the year.
7. The export of rice from India is expected to grow in the coming years,
driven by increasing demand from emerging markets, such as Africa and
Asia, and the popularity of basmati rice in the Middle East and Europe.
However, the competition from other rice-exporting countries, such as
Thailand and Vietnam, remains a challenge for Indian exporters.
Overall, the export of rice from India is a significant contributor to the
country's economy and provides opportunities for growth and development.
The government's initiatives to promote rice exports, coupled with the
increasing demand for Indian rice in emerging markets, bode well for the
future of the industry.
5 METHODOLOGY OF INTERNSHIP
For this report, various sources of information were used to provide a
comprehensive understanding of ICICI bank's services for exporters and
several other sources to learn about the agriculture industry. These sources
include:
• ICICI Bank's official website, which provided detailed information on the
various services offered by the bank.
• Industry reports on the banking sector, which gave an overview of the
current state of the banking industry and the challenges faced by banks in
serving exporters.
• Government regulations and policies related to exports, which provided
insights into the legal framework that governs exports in India.
• Interviews with experts in the field of international trade and banking
helped us to gain a deeper understanding of the challenges faced by
exporters and the solutions provided by banks.
• Department of Commerce website
• NASSCOM website
• APEDA website
All these sources are either reputed international sources or government
websites hence the data taken has been taken on its face value.
6 DETAILS OF THE ACTUAL PROJECT DONE
India is a country with a rich agricultural heritage, and agriculture continues
to be a crucial part of the Indian economy. Agriculture is the primary source
of livelihood for a significant percentage of the Indian population and
contributes a substantial share to the country's Gross Domestic Product
(GDP). The agricultural sector is also a significant contributor to India's
export earnings, making it an essential component of the country's overall
economic growth.
3
India's economy is majorly driven by agriculture, with more than 70% of
rural households depending on agricultural and allied activities for their
livelihood. Agriculture and allied activities contribute significantly to India's
GDP, estimated at 17.8% during 2019-20 and increased to approximately
19.9% during 2020-21, as per preliminary estimates. The employment
percentage in agriculture in India stood at 43% during 20194. India is one of
3
4
Promoting agriculture exports from India working paper: 101
Modelled ILO estimate, The World Bank
the leading producers of rice, wheat, cotton, milk, spices, fruits, vegetables,
and livestock.
During 2019-20, the agriculture sector saw a growth rate of 4.0%, which
was higher than the previous year's 2.4%. The growth was a result of
favorable crop and rainfall conditions. The agriculture sector's growth rate
was higher than the industrial sector, which stood at 0.8% during 2019-20.
Agriculture's growth rate was closer to the overall growth rate of India's
GDP, which was estimated at 4.2% during 2019-205.
Rice is a vital crop in India, and the country is the world's largest exporter of
rice. Given the importance of rice as an agricultural product in India and the
country's dominance in the global rice export market, it was a logical choice
to focus the research on the rice export industry in India. Furthermore,
among the various customers of ICICI bank, rice exporters were bringing in
a large revenue and were considered premium customers.
6.1 Research on ICICI Bank’s Services
ICICI Bank, one of the largest private sector banks in India,
offers a range of services to its customers, including exporters. The
bank is known for its strong focus on digitization, which has resulted
in the development of several online platforms that provide a seamless
banking experience to exporters. In this article, we will discuss some
of the services offered by ICICI Bank, such as Trade Emerge, Trade
Online, FX Online, and InstaBIZ, and how they can be valuable to
exporters.
Trade Emerge
In today's globalized world, trade has become an important part of the
economy. As a result, it is important for exporters to have access to efficient
banking services to manage their transactions and operations. ICICI Bank
offers a range of digital solutions and services to support exporters. One of
these services is Trade Emerge, a one-stop solution for all trade-related
needs of importers and exporters. In this report, we will provide a detailed
analysis of Trade Emerge and its benefits for exporters.
Trade Emerge is a platform that provides a comprehensive range of services
for exporters and importers. It offers a single platform for exporters to
manage their transactions and operations. One of the key features of Trade
Emerge is that it provides a wide range of services, including import-export
5
Economic Survey 2021-22
code, trade license, RCMC, and GST registration, through a collaboration
with India Filings. This makes it easier for exporters to manage their
business operations and stay compliant with regulations.
Another valuable feature of Trade Emerge is its partnership with The Dollar
Business, which provides access to a global trade database of more than 15
million buyers and sellers. This feature allows exporters to discover potential
buyers and sellers and expand their business globally.
Additionally, Trade Emerge offers logistics optimization and tracking
services through its collaboration with Shipsy, Shipwaves, and Eshipz.com.
These services allow exporters to compare rates and book freight and courier
services, as well as track their shipments from start to finish.
Trade Emerge also offers a knowledge hub that provides valuable
information on import-export data, HS codes, taxes, policies, and
regulations. This feature connects customers to DGFT and customs and
international trade bodies. This is particularly valuable for small and
medium-sized enterprises (SMEs) that may not have access to such
information.
Lastly, ICICI Lombard provides marine transit insurance, group health
insurance, property insurance, and workmen compensation insurance for
exporters. This comprehensive range of insurance policies ensures that
exporters are protected against risks associated with international trade. All
these can be availed though Trade Emerge.
Benefits for Exporters:
Trade Emerge offers a range of benefits for exporters, including:
1. Timesaving: Trade Emerge provides a single platform for exporters to
manage their transactions and operations, saving them time and effort.
2. Cost-effective: Trade Emerge offers discounted pricing on various
services, including trade license, RCMC, and GST registration.
3. Increased visibility: The partnership with The Dollar Business
provides exporters with access to a global trade database of more than
15 million buyers and sellers, expanding their business reach.
4. Logistics optimization: The collaboration with Shipsy, Shipwaves, and
Eshipz.com provides exporters with a platform to compare rates and
book freight and courier services, as well as track their shipments
from start to finish.
5. Knowledge hub: The knowledge hub provides exporters with valuable
information on import-export data, HS codes, taxes, policies, and
regulations.
Trade Emerge is a valuable platform for exporters, providing a
comprehensive range of services and features to manage their
transactions and operations efficiently. It offers cost-effective and timesaving solutions for exporters, increasing their business visibility and
optimizing logistics operations. The collaboration with various partners
and the knowledge hub make it a comprehensive solution for exporters.
With its focus on providing efficient and user-friendly digital solutions,
ICICI Bank is a leading bank for exporters in India.
InstaBIZ
InstaBIZ is a mobile application that enables business owners to manage
their finances on-the-go, with features such as transaction approvals,
payment initiations, and account management.
With InstaBIZ, exporters can easily manage their trade transactions with
features such as inward and outward remittance, letter of credit (LC)
issuance, and bank guarantee (BG) issuance. The app provides a single
dashboard for all trade transactions, enabling users to track their
transaction status in real-time. Additionally, InstaBIZ offers the
convenience of initiating transactions 24/7, reducing the turnaround time
for trade transactions.
One of the unique features of InstaBIZ is its ability to facilitate
transaction approvals on-the-go. Exporters can approve trade transactions
anytime, anywhere, with just a few clicks on their mobile device. This
eliminates the need for physical documentation and enables faster
processing of trade transactions.
InstaBIZ also offers an integrated platform for invoicing, payment, and
accounting, enabling business owners to manage their finances more
efficiently. With InstaBIZ, exporters can easily generate invoices, receive
payments, and reconcile their accounts, all in one place.
Overall, InstaBIZ is a valuable tool for exporters, enabling them to
manage their trade transactions efficiently and conveniently. With its
user-friendly interface and real-time tracking features, InstaBIZ simplifies
the trade process, reducing the time and effort required to manage trade
transactions.
Trade Online
Trade Online is one of ICICI Bank's digital solutions that aims to
simplify trade transactions for customers. The platform provides a single
dashboard view for all import and export transactions, making it userfriendly and easy to use. The following is a detailed description of ICICI
Bank's Trade Online service and its benefits for exporters.
Trade Online Features:
1. Inward Remittances: With Trade Online, exporters can settle inward
remittances quickly and efficiently. The TAT for inward remittance is
less than one hour, reducing the turnaround time and increasing
efficiency.
2. Export Bill Regularization: Exporters can use Trade Online to
regularize export bills, eliminating the need to visit the bank
physically. The service is available round the clock, making it
convenient for customers to use it at any time.
3. Export Credit: Trade Online allows exporters to apply for export
credit, saving time and effort. The service is available throughout the
day, and the transaction is entirely paperless, reducing the need for
physical documents.
4. Export Collection Bills: The service also enables exporters to settle
export collection bills, simplifying the transaction process and making
it more convenient for the customer.
5. BG Application: The Trade Online platform also allows customers to
apply for bank guarantees, simplifying the process and reducing the
time taken for the application.
6. Import Payments: Importers can use Trade Online to make import
payments, eliminating the need to visit the bank physically. The
service is available round the clock, making it convenient for
customers to use at any time.
7. Import Bill Regularization: With Trade Online, importers can
regularize import bills quickly and efficiently, reducing the turnaround
time and increasing efficiency.
8. Letter of Credit: Trade Online allows importers to apply for a letter of
credit, simplifying the process and saving time. The service is
available throughout the day, and the transaction is entirely paperless,
reducing the need for physical documents.
9. Import Collection Bill: The service also enables importers to settle
import collection bills, simplifying the transaction process and making
it more convenient for the customer.
Trade Online Benefits:
1. User-friendly: Trade Online is designed to be user-friendly and easy to
use. The platform provides a single dashboard view of all import and
export transactions, simplifying the transaction process.
2. Quick TAT: The Turnaround Time for inward remittance is less than
one hour, for BG issuance it is less than 3 hours, while for outward
remittance, it is less than 5 hours. EEFC conversion to INR and EPC
disbursal is instantaneous, reducing the turnaround time and
increasing efficiency.
3. Available round the clock: Trade Online is available 24/7, making it
convenient for customers to use at any time. This is particularly
beneficial for exporters who need to settle transactions outside of
normal business hours.
4. Paperless transactions: Trade Online enables customers to transact
paperlessly, reducing the need for physical documents and making the
transaction process more efficient.
5. Audit trail of documents: Trade Online maintains an audit trail of
documents, making it easier for customers to track and monitor their
transactions.
6. Cost-effective: Trade Online has no set-up costs, making it a costeffective solution for customers.
Trade Online is a valuable service for exporters provided by ICICI Bank. It
simplifies the transaction process, reduces turnaround time, and is available
round the clock. The platform is user-friendly, provides paperless
transactions, and maintains an audit trail of documents, making it an efficient
and cost-effective solution for customers.
6.2 Banking Opportunities
ICICI bank focusses on providing solutions for the problems faced by the
rice exporters. Thus, to understand the banking opportunities we have to
look into the challenges faced by the rice exporters. The key financial
requirements of rice exporters can vary depending on the specific
circumstances and needs of each exporter. However, some common financial
requirements for rice exporters include:
1. Working Capital: Rice exporters often require working capital to
cover their day-to-day operational expenses, such as purchasing rice
from farmers, processing, packaging, and transportation costs.
Adequate working capital is essential to ensure smooth operations and
meet market demands.
2. Pre-shipment Financing: Rice exporters may need funds to purchase
and process rice before it is shipped to international markets. Preshipment financing helps cover expenses such as procuring raw
materials, processing costs, quality testing, and packaging.
3. Post-shipment Financing: Once the rice is shipped, there is typically a
time gap until the exporter receives payment from the buyer. Postshipment financing provides liquidity to bridge this gap and meet
immediate financial obligations, such as paying suppliers, employees,
and other operational expenses.
4. Export Insurance: Exporters face various risks in international trade,
such as non-payment by buyers, political instability, natural disasters,
or logistical issues. Export insurance protects against such risks and
provides financial security in case of unforeseen events.
5. Foreign Exchange Management: Rice exporters deal with international
buyers, which involves transactions in different currencies. Effective
foreign exchange management is crucial to mitigate currency risks,
optimize exchange rates, and ensure smooth cross-border transactions.
6. Risk Mitigation: Price fluctuations in the rice market can significantly
impact the profitability of exporters. Risk mitigation tools, such as
hedging strategies and derivatives, help manage price risks and
stabilize cash flows.
7. Compliance and Documentation: International trade involves
compliance with various regulations and documentation requirements,
including export licenses, customs documentation, quality
certifications, and financial statements. Exporters need financial
support and guidance to ensure compliance and accurate
documentation.
8. Market Intelligence and Research: Rice exporters require access to
market intelligence and research to stay informed about global rice
market trends, pricing, demand-supply dynamics, and trade policies.
Financial institutions that provide such services can add value to
exporters' decision-making process.
Besides these a rice exporter also needs to face other challenges like:
1. Logistics and Transportation: Efficient logistics and transportation are
crucial for timely delivery of rice shipments to international markets.
Challenges such as inadequate infrastructure, transportation costs,
customs delays, and complex shipping regulations can impact the
competitiveness and profitability of exporters.
2. Competition and Market Access: The rice export industry is highly
competitive, with exporters from different countries vying for market
share. Accessing and expanding into new markets can be challenging
due to trade barriers, import restrictions, and intense competition from
other exporting countries.
3. Sustainability and Environmental Concerns: Increasingly, consumers
and importing countries are demanding sustainably produced rice.
Meeting sustainability standards and environmental regulations can
require additional investments and compliance measures, posing
challenges for some exporters.
All these challenges require precise banking solutions. The banks have
come up with their own solutions. Some of them are:
Financing Option
EPC (Export
Packing Credit)
PCFC (Preshipment Credit
in Foreign
Currency)
LC Discounting
Any collateralbased financing
Shipment
Base Rate
Bank’s
Commission
Currency
Pre
Repo Rate
2.5%-3%
INR
1%-2%
Non-INR
-
-
2%
-
Post
ARR
(Alternate
Reference
Rate)
-
Pre
-
Pre
ICICI bank offers competitive rates based on the value of the customer. The
charges for financing in INR are more than those of stronger currencies. If
the volume of the transaction is high than the bank usually reduces its
margin to retain the customer. However, this is done by the Relationship
Manager of the customer. The RM takes note of all the historical
transactions and takes a call on the customer within reasonable bounds.
6.3 Criteria to judge competitive edge
In the realm of business-to-business (B2B) transactions involving exportoriented units (EOUs), competition among banks plays a crucial role. EOUs
are businesses focused on producing goods or services for export, and banks
are instrumental in facilitating their financial operations. In this context,
competition among banks revolves around offering attractive financial
services and solutions to EOUs, aiming to secure their business and build
lasting relationships. Banks vie to provide competitive interest rates,
customized trade finance options, efficient payment solutions, and
comprehensive risk management services. Additionally, banks strive to
differentiate themselves through superior customer service, streamlined
processes, and innovative digital platforms. The nature of competition in the
B2B space for EOUs pushes banks to constantly evolve and adapt, ultimately
benefiting the businesses they serve by fostering a dynamic and customercentric banking landscape.
List of competitive criteria for judging the competitive edge of banks for
export-oriented units (EOUs):
Trade Finance
Solutions
Tailored trade finance options such as letters of
credit, export financing, supply chain finance,
and foreign exchange management.
Competitive Interest
Offering favorable interest rates, transparent
Rates and Cost
cost structures, and competitive pricing on
Structure
financial products.
Risk Management
Providing comprehensive risk management
Expertise
solutions to help EOUs mitigate currency,
political, and supply chain risks.
Global Reach and
A strong international presence and an extensive
Network
network of correspondent banks to facilitate
global transactions and market access.
Technology and Digital Robust technological platforms, online banking,
Solutions
mobile applications, e-documentation, and realtime transaction tracking.
Customer Service and
Responsive customer support, dedicated
Relationship
relationship managers, and personalized
Management
assistance for EOUs.
Compliance and
Deep understanding of international trade
Regulatory Knowledge regulations, compliance requirements, and
sanctions screening processes.
Innovation and ValueContinuously introducing innovative solutions,
Added Services
industry insights, market intelligence, business
advisory services, and relevant partnerships.
Speed and Efficiency
Swift processing of trade transactions, quick
credit approvals, timely fund transfers, and
efficient document processing.
Availability of Services Extended banking hours, 24/7 online banking
access, and availability across different time
zones.
Reputation and Track
Established reputation, credibility, and a track
Record
record of serving EOUs successfully.
Customization and
Ability to tailor financial solutions to meet the
Flexibility
specific needs and requirements of EOUs.
Accessibility and
Offering convenient access to banking services,
Convenience
streamlined processes, and user-friendly
interfaces.
By considering these competitive criteria, EOUs can effectively assess and
compare banks to choose the one that best aligns with their financial goals,
operational needs, and time-sensitive requirements.
6.4 ICICI Bank vs Other Banks
ICICI Bank, with its range of services tailored for exporters, holds a
competitive edge over other banks. The PODs that make ICICI bank stand
over others are:
1. Extensive service portfolio: ICICI bank has a whole ecosystem of
online services that enable it to serve various needs of the customers at
one place. This ensures that the switching cost of a customer increases
significantly. Further, ICICI bank can generate more profit and
revenue from the same customer as they are providing a multitude of
services.
2. Digital solutions: ICICI bank has always been known for its robust
online presence. This further enhances the user’s experience. With the
help of apps and websites ICICI gives control of transactions to the
customer. ICICI heavily focusses on reducing the number of visits one
needs to make to the branch.
3. Streamlined the documentation process. Many of the documents can
be readily uploaded online directly to the portal thus reducing the
hassle of physical documents.
4. Transparency: as the bank is heavily focused on digitization it
becomes easier to conduct an audit. The entire process becomes
transparent and even the customer can keep a record of all his
transactions.
POPs:
1. ICICI bank provides competitive interest rates for all the financing
options and other services. For eg both ICICI and HDFC charge INR
200 for issuing a Letter of Reconciliation per transaction. For a
privileged customer rates may vary.
2. Personalized services: Every customer is serviced by a dedicated RM
and a team of TDOs.
3. Visit less banking: Nearly all of the banks have shifted to branch less
banking. HDFC and ICICI have introduced Mobile, digital and even
WhatsApp banking to facilitate customers. Most of the tasks are being
shifted to DIY processes giving more control and freedom to the
customer.
Some of the major players in the Export Banking Business are:
1. The Export-Import Bank of India (EXIM Bank) is a governmentowned financial institution with a specific mandate to promote and
facilitate India's international trade. It offers a range of financial
services and assistance that can benefit rice exporters. EXIM Bank
provides export credit guarantees through its subsidiary, the Export
Credit Guarantee Corporation (ECGC), which protects exporters
against the risk of non-payment by overseas buyers due to commercial
or political reasons. This export credit insurance reduces the risk
associated with international trade, giving rice exporters greater
confidence and financial security. In addition, EXIM Bank offers
export financing solutions such as pre-shipment and post-shipment
finance, buyer's credit, and trade finance facilities, which help rice
exporters manage their working capital needs and provide access to
competitive financing options. EXIM Bank also provides advisory
services, market intelligence, and trade promotion initiatives to support
exporters in exploring new markets and establishing business
connections. As a competitor of ICICI Bank, EXIM Bank differentiates
itself through its specialization in trade finance and its focused support
for exporters. While ICICI Bank is a private sector bank with a wide
range of banking services catering to various customer segments,
EXIM Bank's specific mandate and government backing make it an
attractive option for rice exporters seeking specialized trade-related
assistance. ICICI Bank, on the other hand, offers comprehensive
banking services, including export financing, and may collaborate with
EXIM Bank or ECGC to leverage their specialized offerings. The
choice between EXIM Bank and ICICI Bank for a rice exporter would
depend on factors such as the exporter's specific requirements, the
competitiveness of financing options, the level of risk mitigation
needed, the need for trade promotion support, and the overall
relationship and collaboration potential with each institution.
2. HDFC Bank is a prominent private sector bank in India and serves as
a competitor to ICICI Bank. With a vast network of branches and a
strong presence in the banking industry, HDFC Bank offers a
comprehensive range of financial services to cater to various customer
segments, including individuals, corporates, and businesses. Like
ICICI Bank, HDFC Bank provides a wide array of banking products
and services, including retail banking, corporate banking, trade
finance, investment banking, and wealth management. It offers export
financing solutions to support exporters, such as pre-shipment and
post-shipment finance, export bill discounting, and export packing
credit. HDFC Bank also facilitates international trade through services
like letters of credit (LCs), bank guarantees, and trade finance
facilities. As a competitor, HDFC Bank differentiates itself through its
strong customer focus, technological innovation, and efficient service
delivery. The choice between HDFC Bank and ICICI Bank as a
competitor would depend on factors such as the specific banking needs
of the rice exporter, the competitiveness of financial products and
services, the level of customer service and support, and the overall
relationship and collaboration potential with each institution.
3. Axis Bank is a prominent private sector bank in India and can be
considered a competitor to ICICI Bank, particularly for export-oriented
units (EOUs). Axis Bank offers a range of financial services and
solutions that can benefit EOUs engaged in international trade. With its
extensive network of branches and expertise in trade finance, Axis
Bank provides export financing options, including pre-shipment and
post-shipment finance, export packing credit, and trade finance
facilities. These services enable EOUs to manage their working capital
requirements efficiently and access funds at competitive interest rates.
Axis Bank also offers trade advisory services, assisting EOUs in
navigating complex international trade regulations and providing
insights into market trends and opportunities. Moreover, Axis Bank
provides foreign exchange services, allowing EOUs to manage their
foreign currency transactions and mitigate currency-related risks. As a
competitor to ICICI Bank, Axis Bank competes in terms of the breadth
of its banking services, its expertise in trade finance, and its ability to
cater to the specific needs of EOUs involved in export-oriented
activities. EOUs evaluating their banking options should consider
factors such as the range of services offered, the competitiveness of
interest rates and fees, the availability of trade advisory support, the
reach of branch network, and the overall relationship and collaboration
potential with each bank.
7 ACHIEVEMENTS/ FINDINGS FROM THE PROJECT
• In-depth Knowledge of the Rice Export Industry: Through the project, a
comprehensive understanding of the rice export industry was achieved,
including its nature, characteristics, market dynamics, and competitive
landscape. This knowledge provided valuable insights into the
functioning of the industry and its potential for growth and development.
• Competitor Analysis and Comparative Study: Conducting a comparative
analysis of the rice export industry with other sectors like IT services and
•
•
•
•
•
•
•
pharmaceuticals provided a broader perspective on different industries'
dynamics, market trends, and competitive advantages. This analysis
facilitated a deeper understanding of how different sectors operate and
compete in the market.
Insights into Banking Opportunities: The project focused on exploring
banking opportunities within the rice export industry. This enabled the
identification of specific areas where banks can play a crucial role, such
as export financing, export bill discounting, and export bill collection.
Understanding these opportunities broadened the knowledge of banking
services and their significance in supporting trade activities.
Exposure to a Formal Business Environment: Working in a formal
business environment, such as ICICI Bank, provided firsthand experience
of the corporate culture, professional etiquette, and work dynamics within
a financial institution. This exposure enhanced the understanding of how
banks operate, the importance of teamwork, and the significance of
adhering to professional standards.
Learning from Actual Market Players: Interacting with professionals in
the trade and wealth teams, regional heads, and other market players
within ICICI Bank exposed valuable insights into real-world business
practices. Learning from their expertise, experiences, and perspectives
enriched the understanding of the industry's intricacies and the practical
application of banking services in the context of rice exports.
Collaboration: Collaborating with colleagues, such as the project buddy,
Mr. Abhishek, and fellow intern, Prince Maggon, provided opportunities
for networking and building professional relationships. Engaging with
mentors like Mr. Aditya and Ms. Priya Gautam fostered knowledge
sharing and guidance, creating a supportive learning environment.
Professional Growth: Working in a formal business environment fosters
professional growth by honing skills like communication, time
management, and problem-solving. It also instills discipline, adaptability,
and a results-oriented mindset.
Industry Exposure: Being immersed in a formal business environment
exposes individuals to industry-specific knowledge, practices, and
challenges. This exposure enhances their understanding of the sector and
builds industry-specific expertise.
Enhanced Business Acumen: Working in a formal business environment
provides firsthand experience in decision-making, strategic thinking, and
understanding market dynamics. This exposure strengthens business
acumen and the ability to analyze and respond to market trends.
• Networking Opportunities: Interacting with professionals in a formal
business environment creates networking opportunities, enabling
individuals to connect with industry experts, potential mentors, and future
collaborators. These connections can be valuable for future career growth
and opportunities.
• Professional Etiquette and Soft Skills: Formal business environments
emphasize professionalism, etiquette, and the development of soft skills
like teamwork, leadership, and effective communication. Mastering these
skills enhances overall professional competence.
• Based on the various learnings from the project in the last week, a
detailed list of leads that could be future customers for ICICI bank was
generated.
8 RECOMMENDATIONS TO THE COMPANY
• Certain repetitive tasks can now be automated. For e.g. verifying the bill
of entry, checking the amount paid whether advanced or direct or a mix
of both, extraction of details from bill of lading.
• Trying to reach out to new customers through the ecosystem of existing
customers e.g. RMs can try to reach Shipper and Logistic companies that
are working with the exporters. These companies also need the services
of a bank, and they deal in large amounts.
• ICICI can add a wider range of logistics companies and shippers to their
Trade Emerge. It can even act as an aggregator and can list these
companies on its sites. The customers then can choose from a wide
variety of service providers. This can become another source of revenue
for the bank.
• ICICI already provides the facility of obtaining IEC, similarly it can
provide advice and help to obtain FSSAI certification to an exporter
dealing with edibles.
• ICICI can launch a “how to video” or a “step-by-step guide” for new
exporters and customers. This type of information is not only good for the
customer but can act as a powerful advertisement and marketing tool for
the brand. ICICI can sell insurances, loans, and promote its other services
better through such means.
• A dedicated program to teach new tools like ChatGPT and other AI tools
that can save time of middle to higher level management. These tools can
allow Mangers to dedicate their valuable time and resources towards
creating a relationship with the customers and taking care of their teams.
• Implementing AI and ML technologies in export services can greatly
benefit ICICI Bank, similar to how JPMorgan Chase has leveraged them.
JPMorgan Chase utilizes AI and ML algorithms to improve fraud
detection, risk assessment, and customer service. By automating contract
reviews and employing virtual assistants, they have enhanced efficiency,
reduced manual errors, and provided personalized support to their
customers. ICICI Bank can adopt similar technologies to streamline
export processes, automate risk assessment, and offer tailored solutions to
exporters. This would lead to improved operational efficiency, faster
decision-making, and enhanced customer experience, ultimately
strengthening ICICI Bank's position as a market leader in providing
banking services to exporters. However, these require a vast amount of
investment and technical know-how so a detailed Technology Roadmap
may need to be created first.
9 CONCLUSION
In conclusion, the project on "Banking on Rice: A Comprehensive
Analysis of Banking Opportunities and Competitor Analysis in the Rice
Export Industry" has been a significant learning experience that has
provided valuable insights into the intricate dynamics of the rice export
industry and the role of banking services within it. Throughout the eightweek internship at ICICI Bank, in collaboration with my project buddy
Mr. Abhishek, I have gained a deep understanding of the industry's
nature, characteristics, market trends, and competitive landscape.
The project's objectives were successfully achieved through various
activities, including extensive research, data analysis, consultations with
industry professionals, and the creation of a comprehensive report and
presentation. The project not only enhanced my knowledge of the rice
export industry but also allowed me to explore banking opportunities
such as export financing, bill discounting, and bill collection within the
industry.
Working in a formal business environment, such as ICICI Bank, has been
immensely beneficial in terms of professional growth and exposure to
real-world business practices. Collaborating with experienced
professionals, including Dr. Aditya Vij, Mr. Abhishek, and Ms. Priya
Gautam, has provided invaluable mentorship and guidance throughout the
project.
The achievements and learnings from this project go beyond the scope of
the rice export industry. By conducting a comparative analysis against
other sectors like IT services and pharmaceuticals, I gained a broader
perspective on different industries' dynamics and competitive advantages.
This holistic understanding of multiple sectors contributes to a wellrounded business acumen.
Overall, this project has strengthened my research and analytical skills,
improved my understanding of banking services, and deepened my
knowledge of the rice export industry. It has also provided valuable
exposure to a formal business environment and fostered networking
opportunities with industry professionals. The project's findings and
recommendations can serve as a foundation for further research and
development in the field of banking services within the agriculture export
industry.
I would like to express my gratitude to Dr. Aditya Vij for his constant
support and guidance throughout the internship, and to ICICI Bank for
providing me with this valuable opportunity to apply theoretical
knowledge in a practical setting. I am confident that the insights gained
from this project will serve as a stepping stone for my future endeavors in
the field of banking and international trade.
With a strong foundation of knowledge, practical experience, and
professional growth, I look forward to contributing to the banking sector's
development and the growth of the agriculture export industry.
Sourav Bisht
Intern, ICICI Bank
FOSTIIMA Business School
10 APPENDICES
10.1
World’s export of Rice
Exported value
in 2018
Exported value
in 2019
Exported value
in 2020
Exported value
in 2021
World
26017800
24123694
25600489
27192455
India
7361500
6800670
7980028
9623557
Thailand
5575485
4206796
3688850
3352222
Viet Nam
2621440
2434252
2790951
3006262
Pakistan
2014327
2277005
2102073
2158844
United States of America
Exporters
Exported value
in 2022
3940781
1690820
1866591
1878844
1928455
1703807
China
887311
1058958
916281
1035658
1033704
Italy
622460
619024
723085
727588
806438
Myanmar
916718
782429
773175
670698
Cambodia
419289
421108
470665
423207
415995
Belgium
293382
314348
357278
405870
514730
Uruguay
400159
375820
468914
386654
498030
6
The world aggregation represents the sum of reporting and non-reporting countries.
Unit: US Dollar thousand
10.2
India’s export of Rice (country-wise)
S.No.
Country
Values in Rs.
Lacs
5,33,896.37
6,39,131.19
3,71,881.27
3,97,818.13
2,51,448.31
Quntity in
thousands
2022-2023(AprFeb)
8,22,175.44
7,64,543.28
3,82,633.52
3,79,097.11
3,51,395.95
2,42,142.65
2,33,399.53
3,41,501.60
1,67,151.11
4,60,056.33
31,47,02,149.28
3,22,352.58
2,93,448.32
2,71,128.37
2,52,234.99
2,45,214.05
32,75,85,004.39
2021-2022
1
2
3
4
5
6
7
8
9
10
6
SAUDI ARAB
IRAN
CHINA P RP
BENIN
U ARAB EMTS
COTE D' IVOIRE
SENEGAL
IRAQ
YEMEN REPUBLC
BANGLADESH PR
India's Total
ITC calculations based on UN COMTRADE and ITC statistics and Trade Map
10.3
7
Top 20 Exporters of Basmati Non-Rice registered on APEDA
S.
No
.
7
Top Exporters of Rice (Non-Basmati)
RC
MC
No.
1
154
249
2
173
724
Exporter
Name
SATYAM
BALAJEE
RICE
INDUSTRI
ES
PRIVATE
LIMITED
OLAM
AGRI
INDIA
PRIVATE
LIMITED
SRI
LALITHA
ENTERPRI
SES
INDUSTRI
ES
PRIVATE
LIMITED
SUPPLE
TEK
INDUSTRI
ES
PRIVATE
LIMITED
PAGARIY
A
EXPORTS
PRIVATE
LIMITED
3
704
89
4
172
656
5
207
599
6
SARALA
FOODS
154 PRIVATE
456 LIMITED
APEDA as on 08/05/2023
Address
City
State
Exporte
r Type
13, DHILLON COMPLEX , JAWAHAR
NAGAR , RAIPUR C.G. , RAIPUR ,
CHHATTISGARH, 492001
RAIPUR
Chhatti
sgarh
2ND FLOOR, TOWER A, DLF BUILDING
NO.8, DLF CYBER CITY, PHASE-II,
Gurugr
am
Haryan
a
Manufa
cturer
cum
Mercha
nt
Manufa
cturer
cum
Mercha
nt
NO.4-1-57, VADLAMURU ROAD,
PEDDAPURAM VILLAGE,
EAST
GODAV
ARI
DISTRIC
T
Andhra
Prades
h
Manufa
cturer
cum
Mercha
nt
VILLAGE CHABBA TARN TARAN ROAD, ,
Contact No: 919501051191 , AMRITSAR ,
AMRITSAR , PUNJAB, 143022
AMRITS
AR
PLOT NO 19 , HOUSE 1256/U1 GREAT NAG NAGPU
ROAD, RAMBAGH
R
EAST
GODAV
ARI
FLAT B, 37-2-14, VIJAYASINDHU
DISTRIC
RESIDENCY, MARKET STREET, KAKINADA,
T
Mahar
ashtra
Manufa
cturer
Manufa
cturer
cum
Mercha
nt
Andhra
Prades
h
Manufa
cturer
Punjab
7
509
51
8
159
846
9
166
461
10
168
139
11
158
699
12
13
154
557
183
902
AL GYAS
EXPORTS
PRIVATE
LIMITED
HONEY
OVERSEA
S
SAILOR
EXPORTS
LIMITED
MANASA
QUALITY
ENTERPRI
SES
LIMITED
JAY BABA
BAKRES
WAR
RICE
MILL
PRIVATE
LIMITED
PATTABH
I AGRO
FOODS
PRIVATE
LIMITED
SCM
AGROTEC
H
ENTERPRI
SES
PRIVATE
LIMITED
15
163 BHARTI
479 FOODS
DD
INTERNA
TIONAL
100 PRIVATE
341 LIMITED
16
BALAJI
RICE
153 INDUSTRI
170 ES
14
301 302 303 304 & 305, 3RD
FLOOR,ASHOK CHAMBERS, PANDIT
MADAN MOHAN MALVIYA ROAD,
TARDEO
MUMB
AI
Mahar
ashtra
Manufa
cturer
PLOTNO.,54,CHIKHALILAYOUT,KALAMNAR
OAD,
NAGPU
R
Mahar
ashtra
179/3 PATTHAR MUNDLA ROAD PALDA
INDORE
Madhy
a
Prades
h
D.No. 11-15-3, NEAR BALA TIRUPURA
SUNDARI TEMPLE, ACHYUTRAMAYYA
STREET, RAMARAO PET,
KAKINA
DA
Andhra
Prades
h
Mercha
nt
Manufa
cturer
cum
Mercha
nt
Manufa
cturer
cum
Mercha
nt
VILL. KUMUDDA, P.O. MOLLARPUR DIST-
BIRBHU
M
West
Bengal
Manufa
cturer
Tanuku
Andhra
Prades
h
Manufa
cturer
165&166A,ZONE1-M.P NAGAR , Contact
No: 919893377747 , BHOPAL , MADHYA
PRADESH, 462011
BHOPA
L
Madhy
a
Prades
h
Manufa
cturer
cum
Mercha
nt
KH.No.53, Bhowari, Bhandara Road, Tahsil
Kamptee,
NAGPU
R
Mahar
ashtra
Manufa
cturer
26,THE MALL , AMRITSAR Contact No:
919592578090 , AMRITSAR PUNJAB ,
AMRITSAR , PUNJAB, 143001
AMRITS
AR
Punjab
KHASRA NO. 5/1 P.O. KHARORA
RAIPUR
Chhatti
sgarh
D NO. 2/153 RICE MILL STREET VELPUR ,
TANUKU MANDAL WEST GODAVARI
DISTRICT , Velpur , WEST GODAVARI ,
ANDHRA PRADESH, 534222
Manufa
cturer
Manufa
cturer
cum
Mercha
nt
17
165
390
18
185
203
19
165
624
20
105
75
KUNVARJ
I
COMTRA
DE
RETAIL
PVT. LTD.
SPONGE
ENTERPRI
SES
PRIVATE
LIMITED
SAMSKR
UTHI
EXPORTE
RS
SOUBHIK
EXPORTS
LIMITED
10.4
8
AHMED
ABAD
Gujarat
602,6TH FLOOR, OFFIZO MAGNETO, THE
MALL LABHANDI G.E ROAD,
RAIPUR
Chhatti
sgarh
H.NO.3-6361/9,FLATNO.401,AASHRIYAARCADE,STR
EETNO.20,HIMAYATHNAGAR,
HYDER
ABAD
Telang
ana
Mercha
nt
7/1, Lord Sinha Road 4th Floor, Room 409
and Room No.411
KOLKAT
A
West
Bengal
Mercha
nt
Top Exporters of Rice (Basmati)
Top 20 Exporters of Basmati rice registered on APEDA
S.No
.
1
2
3
4
8
KUNVARJI,BWINGSIDDHIVINAYAK,TOWERS,NR.D.A.V.
SCHOOLOFFS.G.
Manufa
cturer
cum
Mercha
nt
Manufa
cturer
cum
Mercha
nt
RCMC
No.
Exporter Name
SUPPLE TEK
INDUSTRIES
17265 PRIVATE
6 LIMITED
2173 KRBL LIMITED
LT FOODS
3247 LIMITED
DD
INTERNATIONA
10034 L PRIVATE
1 LIMITED
APEDA as on 08/05/2023
Address
VILLAGE CHABBA
TARN TARAN
ROAD, , Contact
No:
919501051191 ,
AMRITSAR ,
AMRITSAR ,
PUNJAB, 143022
5190,LAHORI
GATE , , DELHI ,
NORTH DELHI ,
DELHI, 110006
UNIT NO. 134,
FIRST FLOOR,
RECTANGLE-1 ,
SAKET DISTRICT
CENTRE , NEW
DELHI , SOUTH
DELHI , DELHI,
110017
26,THE MALL ,
AMRITSAR
Contact No:
919592578090 ,
City
State
Exporter
Type
AMRITSAR
Punjab
Manufacture
r
DELHI
Delhi
Manufacture
r
NEW DELHI
Delhi
Manufacture
r
Punjab
Manufacture
r
AMRITSAR
SHIV SHAKTI
INTER GLOBE
EXPORTS
PRIVATE
LIMITED
GRM
OVERSEAS
LIMITED
CHAMAN LAL
SETIA EXPORTS
LIMITED
5
16835
5
6
2355
7
1467
8
TANNA AGRO
IMPEX
5279 PVT.LTD.
9
EBRO INDIA
16941 PRIVATE
3 LIMITED
10
15875
2 B D OVERSEAS
11
AL GYAS
EXPORTS
PRIVATE
50951 LIMITED
12
DAAWAT
15663 FOODS
9 LIMITED
AMRITSAR
PUNJAB ,
AMRITSAR ,
PUNJAB, 143001
578/11, LINK
ROAD, , TARAORI,
, KARNAL ,
KARNAL ,
HARYANA,
132116
GOHANA
ROAD,NEAR
SUGAR MILL
MEERAN KOT
ROAD
P.O.CENTRAL JAIL
TANNA HOUSE,
2ND FLOOR, 11-A,
NATHALAL
PAREKH MARG,
Contact No:
919820226880
7, INSTITUTIONAL
AREA 4TH FLOOR,
PHASE-II, VASANT
KUNJ, Contact
No:
918607200198
SONKRA ROAD ,
TARAORI Contact
No:
919896900573 ,
TARAORI ,
KARNAL ,
HARYANA,
132116
301 302 303 304
& 305, 3RD
FLOOR,ASHOK
CHAMBERS,
PANDIT MADAN
MOHAN MALVIYA
ROAD, TARDEO
UNIT NO.134,
1ST.FL.
RECTANGLE-1
SAKET
DISTT.CENTRE
Contact No
9981993210
KARNAL
Haryana
Manufacture
r
PANIPAT
Haryana
Manufacture
r
AMRITSAR
Punjab
Manufacture
r
MUMBAI
Maharashtr
a
Manufacture
r
NEW DELHI
Delhi
Manufacture
r cum
Merchant
TARAORI
Haryana
Manufacture
r
MUMBAI
Maharashtr
a
Manufacture
r
Delhi
Manufacture
r
NEW DELHI
13
14
15
16
17
18
19
20
AROMA
15390 AGROTECH
7 PVT. LTD.
G.V. (GOD
VISHNU) RICE
EXPORTS
10017 PRIVATE
6 LIMITED
SHREE
JAGDAMBA
AGRICO
EXPORTS
15397 PRIVATE
7 LIMITED
17117 AMDD FOODS
0 PVT. LTD.
PUNJAB
RICELAND
AGRO FOODS
17763 PRIVATE
1 LIMITED
AMAR SINGH
1893 CHAWALWALA
STAR GLOBAL
MULTI
VENTURES
17164 PRIVATE
4 LIMITED
LEKH RAJ
NARINDER
2094 KUMAR
145, FIRST
FLOOR, NEW
GRAIN MARKET
GHARAUND
A
Haryana
Manufacture
r
G.T. ROAD
Contact No:
919991231046,
TARAORI
KARNAL
Haryana
Manufacture
r
KARNAL
Haryana
Manufacture
r
TARN
TARAN
Punjab
Manufacture
r
MUMBAI
Maharashtr
a
AMRITSAR
Punjab
Manufacture
r cum
Merchant
Manufacture
r
Delhi
Manufacture
r cum
Merchant
Haryana
Manufacture
r
PANORI ROAD
GHARAUNDA
GHARAUNDA
KHASRA NO
45/24/1 (3-8),
46/24/2 (4-12),
VILL BALA CHACK,
PANDORI RAN
SINGH
615, 6TH FLOOR
,DWING,,NEELKANT
H BUSINESS
PARK,
OUTSIDE
CHATIWIND GATE
24-A SHREE RAM
ROAD, CIVIL
LINES
RICE & GENERAL
MILLS , AMBALA
JIND ROAD ,
KAITHAL,
HARYANA ,
KAITHAL ,
HARYANA,
136027
DELHI
KAITHAL
10.5
Checklist and Documentations for key Trade Transactions
9
Documentations needed:
Import Transactions
A. Advance Import Payments
1. Request Letter
2. Proforma Invoice / Sales Contract signed by both parties. Payment
Terms to reflect as Advance.
3. Declaration confirming that the advance payment does not involve
trade with any counterparties/countries /shipping lines /ship flags
/ports / shore listed under OFAC/UN sanctions.
Note:
1. Payment terms on the invoice should call for Advance Payment
2. Adequate balance should be available in the account for making
the advance import payment
3. For every Advance Import Payment, the payment would be made
based on satisfactory due diligence on the Overseas Party. Request
you to contact your RM 2-3 days prior of Advance Payment
4. Original Import License would be required in case the goods fall
under the category of for in case the goods imported are in
negative/restricted list of Import in India
5. Bill of entry should be submitted within 90 days (3 years in case of
capital imports)
6. RBI/FEMA guideline will be applicable from time to time.
B. Import Direct Payment
1. Request Letter
2. Commercial Invoice
3. Copy of Transport Documents (Bill of Lading/ Lorry Receipt /Air
Way Bill etc.)
4. Original exchange control copy of Bill of Entry (BOE). (CA
certificate should be provided in lieu of BOE in case of software
imports)
Note:
1. Receipt of import documents by the importer directly from overseas
suppliers is allowed subject to certain conditions as specified in the
RBI circular
9
ICICI Website
2. Adequate balance should be available in the account for making the
Direct Import Payment
3. Original Import License would be required in case the goods fall
under the category of or in case the goods imported are in
negative/restricted list of Import in India
4. In case BOE is not available due to goods in transit, declaration
should be provided for submission of the BOE within 15 days
5. Reasons for delay in payment should be furnished where the
payment is delayed more than 6 months from date of shipment
6. Bill drawn by any counterparties/countries /shipping lines /ship
flags /ports / shore listed under OFAC/UN sanctions would not be
handled by us.
7. RBI/FEMA guideline will be applicable from time to time
C. Payment against import bill for collection
1. Request Letter (Received from ICICI Bank, Branch along with Bill
Presentation Memo)
2. Accepted Bill of Exchange in case of usance Bill
Note:
1. Covering Schedule of Foreign Bank should expressly confirm that
the bill is drawn under URC 522 of ICC
2. Bill of Exchange to be stamped as per Indian Stamp Act if usance
period is 90 days or more.
3. Bill drawn involving any counterparties/countries /shipping lines
/ship flags/ports/ shore, listed under OFAC/UN sanctions would not
be handled by us.
4. RBI/FEMA guideline will be applicable from time to time.
Export Transactions
A. Export Bill for Collection / Export Bill for Collection Under LC
1. Request letter
2. Original GR / Shipping Bill
3. Transport Document (Bill of Lading / Airway Bill / Lorry Receipt
etc.)
4. Custom Invoice
5. Packing List
6. Bill of Exchange
7. Phytosanitary Certificate
8. Certificate of Origin
9. Insurance Cover Note / Certificate
10.Original Letter of Credit (If Bill drawn under LC)
Note:
1. Bill to be submitted within 21 days from the date of Shipment
2. Tenure of Usance Bill should be within 270 days from the date of
shipment.
3. Bill value should not be greater than GR Value
4. If export payments is made by party other than buyer or consignee
such third party name should be mentioned in GR and invoice and
such payments are subject to RBI conditions.
5. RBI/FEMA guideline will be applicable from time to time
B. Advanced Payments against Exports
1. Disposal Instruction for settling the transaction in Current a/c or EEFC
a/c
2. Copy of Proforma Invoice / Sales Contract
Note:
1. For advance received towards exports of goods IEC (Import Export
Code allotted by DGFT) is mandatory
2. Export Proof to be submitted to bank for every Advance Remittance
received
3. Export to be made within 1 year of Advance Remittance received
4. Export Bill to be submitted within 21 days from the date of Shipment.
5. AD Category - I banks should normally dispatch shipping documents
to their overseas branches / correspondents expeditiously. However
there are few exceptions wherein direct dispatch of documents to
overseas party is allowed subject to RBI conditions
6. For export of software SOFTEX form to be submitted which would be
generated through STPI / SEZ
7. RBI/FEMA guideline will be applicable from time to time.
C. Regularization of advanced payment against Export
1. Original GR / Shipping Bill \
2. Transport Document ( Bill of Lading / Airway Bill / LR etc)
3. Custom Invoice
4. Packing List
5. Bill of Exchange
6. Original LC (If Bill drawn under LC)
Note:
1. Export to be done within 1 year from the date of Advance Remittance
Received
2. Bill to be submitted within 21 days from the date of Shipment
3. Tenure of Usance Bill should be within 270 days from the date of
shipment.
4. Bill value should not be greater than GR Value
5. Any Third Party involved should be mentioned in GR and such
payment are allowed subject to RBI condition
6. RBI/FEMA guideline will be applicable from time to time.