Finance Minister Nirmala Sitharaman said that National Export Insurance Account (NEIA) trust has supported 211 projects of Rs 52,860 crore in 52 countries by 63 different Indian Project Exporters till March 31, 2021. In order to support exporters, the finance minister has extended additional funds.
She said, "Rs 33,000 crore boost for project exports through National Export Insurance Account is proposed." Sitharaman added the proposed additional corpus to NEIA over five years to be allow to underwrite additional Rs 33,000 crore of project exports.
NEIA Trust promotes Medium and Long Term (MLT) project exports by extending risk covers provides covers to buyer's credit, given by EXIM Bank, to less creditworthy borrowers and supporting project exporters.
In addition, Rs 88,000 crore boost is provided to export insurance cover.
Export Credit Guarantee Corporation (ECGC) promotes exports by providing credit insurance services. Its products support around 30 per cent of India's merchandise exports. The ministry stated it proposed to infuse equity in ECGC over five years to boost export insurance cover by Rs 88,000 crore.
