To understand this scheme better, you must first learn about the NIRVIK full form, which is Niryat Rin Vikas Yojana. The Commerce Ministry of India is preparing this scheme, and the launch date is yet to be announced. Introduced by the Export Credit Guarantee Corporation of India, this Central Government scheme focuses on boosting fund availability for small exporters.
Now let’s take a quick look at some of the objectives of this scheme -
- It offers a high insurance cover to exporters so that they can expand their business.
- The scheme also gives small exporters a chance to reduce their policy premium.
- It also provides a 60% credit guarantee to exporters in case of loss.
- Niryat Rin Vikas Yojana’s main objective is high credit disbursement for small exporters to help them export at a higher level.
- This scheme comes with a simplified claim settlement procedure that makes it easier for exporters to work.
As of December-April 2019-20, the exports reduced by 1.96% and the imports by 8.9%. This led to a trade deficit of around $118.10 billion. Therefore, the introduction of this scheme is a need of the hour. In the following section, you will find details of the number of policies available under this scheme.