National Export Insurance Account (NEIA) scheme

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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.