NIRVIK Launched Scheme

Published on September 19, 2019
Current context: The Ministry of Commerce & Industry has introduced a new Export Credit Insurance Scheme (ECIS) called NIRVIK.
NIRVIK Launched Scheme 
  • The Export Credit Guarantee Corporation (ECGC) under the ministry has introduced the scheme with the aim to ease the lending process and enhance loan availability for exporters.
  • The scheme will ensure guaranteed insurance cover up to 90% of the principal and interest including the pre and post-shipment loss.
  • The present coverage is provided up to 60% of the loss by the current Export Credit Guarantee Corporation of India (ECGC).
  • The initiative would make the ECGC more exporter friendly and also make Indian exports more competitive.
  • ECGC facilitate exports from India and is a premier export credit agency of the Government of India, headquartered at Mumbai and is in establishment since 1957.

Question: 

Q.1 The Government of India’s Scheme NIRVIK is concerned with?
a. Import of Gold
b. Insurance coverage on Exports
c. Minimum Export Price
d. Domestic Consumption

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