The Ministry of Commerce & Industry has introduced a new Export Credit Insurance Scheme (ECIS) called NIRVIK. Both pre and post shipment credit will also be covered under the new scheme.
- The Export Credit Guarantee Corporation (ECGC) under the ministry has introduced the scheme with the aim to ease the lending process and enhance loan availability for exporters.
- The scheme will ensure guaranteed insurance cover up to 90% of the principal and interest including the pre and post-shipment loss.
- The present coverage is provided up to 60% of the loss by the current Export Credit Guarantee Corporation of India (ECGC).
- The initiative would make the ECGC more exporter friendly and also make Indian exports more competitive.
- ECGC facilitate exports from India and is a premier export credit agency of the Government of India, headquartered at Mumbai and is in establishment since 1957.