Updated By: LatestGKGS Desk
NIRVIK Government Scheme: Launch date, Objective and Benefits
NIRVIK Scheme (Niryat Rin Vikas Yojana) :Launch ,Objective and Benefits
This scheme is implemented under the Export Credit Guarantee Corporation of India (ECGC),with an
Objective to enhance credit availability to small-scale exporters & ease in lending of loans.
The scheme was announced by the Finance Minister during the Union Budget on 2020-2021 on 1st February 2020.
This scheme will boost the export segment of the economy of India.
It was decided to announce the scheme when 10 of the 30 exporting sectors showed a decline with respect to outbound shipment in 2019.
During the month of April-December 2019-2020,the exports slipped 1.96% to$239.29 B and Imparts declined 89% to$357.39B
And thus leaving a trade deficit of $118.10B. ECGC was set up in 1957 and is owned by Government of India.
Some Salient Features of NIRVIK Scheme
Insurance coverage of 90% of the interest & Principle amount .
The extended coverage will ensure that Foreign & Rupee export credit inerest rates will be below 4% & 8% for exporters.
Benefits of NIRVIK Scheme
This scheme will play a very important role in improving affordability & accessibility of credit for exporters.
MSME's(Micro,Small & Medium Enterprises) wil help in ease of business.