India’s exports contracted for the fifth month in a row by 1.8% in December 2019. Owing to this, the exporters have raised concerns over credit availability. Considering this, the Finance Minister proposed the NIRVIK scheme, also known as Export Credit Insurance Scheme (ECIS), while presenting the Budget 2021-22.
Overview of NIRVIK Scheme
|Full name||Niryat Rin Vikas Yojana|
|Launched by||Government of India|
|Sector||Central sector scheme|
|Objective||boost the export segment of the Indian economy|
Objective and Benefits of NIRVIK Scheme
•It offers a high insurance cover to exporters so that they can expand their business.
•The scheme also gives small exporters a chance to reduce their policy premium.
•It also provides a 60% credit guarantee to exporters in case of loss.