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Government approves continuation of the National Export Insurance Account (NEIA) scheme - (29 Sep 2021)

Customs

In order to provide a boost to the exports sector, Government has undertaken a series of measures. In line with this objective, the Government has approved capital infusion of Grant-in-aid (Corpus) of ₹1,650 Crore to National Export Insurance Account (NEIA) over a period of five years, i.e. from FY 2021-2022 to FY 2025-2026. This decision is part of a series export related schemes and initiatives taken by the Government over the last few years. The capital infusion in NEIA Trust will help the Indian Project Exporters (IPE) to tap the huge potential of project exports in focus market. Support to project exports with Indian content sourced from across the country will enhance the manufacturing in India.

NEIA Trust was established in 2006 to promote project exports from India that are of strategic and national importance. The NEIA Trust promotes Medium and Long Term (MLT) /project exports by extending support to covers issued by ECGC (ECGC Ltd, formerly known as Export Credit Guarantee Corporation of India Ltd.) to MLT/project export and to Exim Bank for Buyer’s Credit (BC-NEIA) tied to project exports from India. Corpus contribution of Rs. 1,650 Crore will enhance the underwriting capacity of the Trust and will enable NEIA to support project exports worth Rs. 33,000 Crore.

The scheme supports projects which are commercially viable and are strategically significant. As per the official statement, the corpus commitment of GOI is Rs.4000 crore and Maximum Liability Permissible is 20 times of the actual corpus. The contribution received from the Government of India over the years, as of March 31,2021 was Rs.3,091 crore. Since inception, NEIA has extended 213 covers, with a consolidated project value of Rs. 53,000 crores, to 52 countries as of 31st August 2021. Further, Common Digital Platform for Certificate of Origin is also launched to facilitate trade and increase FTA utilization by exporters.

Tags : SCHEME   APPROVAL   CONTINUATION  

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