The government on Wednesday approved the continuation of the National Export Insurance Account (NEIA) scheme and infusion of Rs. 1,650 crore Grant-in-Aid over five years from 2021-2022 to 2025-2026.NEIA Trust was established in 2006 to promote project exports from India that are of strategic and national importance.
Briefing reporters after a cabinet meeting, Union Commerce and Industry Minister Piyush Goyal said capital infusion in NEIA Trust will help the Indian Project Exporters (IPE) to tap the huge potential of project exports in the focus market.
He said support to project exports with Indian content sourced from across the country will enhance the manufacturing in India.
Corpus contribution of Rs1,650 Crore will enhance the underwriting capacity of the Trust and will enable NEIA to support project exports worth Rs 33,000 crore at full capacity utilization that in turn will translate into an estimated output of domestically manufactured goods to the tune of Rs 25,000 Crore approximately.
An official release said NEIA Trust promotes Medium and Long Term (MLT) project exports by extending (partial/full) support to covers issued by ECGC (ECGC Ltd, formerly known as Export Credit Guarantee Corporation of India Ltd.) to MLT/project export and to Exim Bank for Buyer's Credit (BC-NEIA).
( With inputs from ANI )
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