National Export Insurance Account (NEIA) scheme
- Government has undertaken a series of measures to provide a boost to the exports sector.
- It approved capital infusion 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.
- It has also approved capital infusion of ₹4,400 crore in ECGC Ltd (erstwhile Export Credit Guarantee Corporation of India Ltd) in five years starting from 2021-22.
National Export Insurance Account (NEIA) Scheme:
- NEIA Trust was established in 2006 to promote project exports from India that are of strategic and national importance.
- It promotes Medium and Long Term (MLT)/project exports by extending (partial/full) support to covers issued by ECGC to MLT/project export.
- Since its inception, NEIA has extended 213 covers, with a consolidated project value of Rs 53,000 crore, to 52 countries.
Significance of capital infusion
- 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.