India’s exports contracted for the fifth month in a row by 1.8% in December 2019. Owing to this, the exporters have raised concerns over credit availability. Considering this, the Finance Minister proposed the NIRVIK scheme, also known as Export Credit Insurance Scheme (ECIS), while presenting the Budget 2021-21.
If you plan to apply for this scheme, you might want to consider its features, eligibility, required documents, and other vital details. In that context, you can go through the following piece.
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 -
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.
Before applying for this, individuals might want to consider certain eligibility as follows -
The date of the launch of the NIRVIK Scheme is yet to be announced. As such, details on how exporters can apply and get the benefits of this scheme is not known yet.
Now that you know about the NIRVIK Scheme eligibility, you might also want to know about the documents required for a hassle-free application in future.
Here is a list of documents you need to furnish if you opt for this scheme -
The primary motive behind the launch of this scheme is to boost the export and other business sectors. Given below are some essential features of this scheme you might consider before proceeding to its application -
NIRVIK scheme also boosts loan availability and ease the lending process for several SMEs, MSMEs, and Gems, Jewellery and Diamonds (GJD) sectors. The Government of India (GOI) proposed this scheme primarily to increase export production and offer guaranteed insurance cover for pre-and post-shipment credit. Considering this, let’s take a look at some of the lucrative benefits of this scheme.
Here are the benefits of the Niryat Rin Vikas Yojana scheme one should be aware of -
Now that you know everything about the NIRVIK scheme, you might find it easier to apply for this scheme after its launch.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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