FM announces ?88,000 crore boost to export insurance cover

Finance-Minister-Nirmala-Sitharaman

The Centre on Monday announced ?88,000 crore boost to export insurance cover.

The Finance Minister proposed to infuse equity in ECGS over five years to strengthen export insurance cover by ?88,000 crore.

In India, the Export Credit Guarantee Corporation (ECGS) promotes exports by providing credit insurance services. Its products support around 305 of India’s merchandise export.

The ECGS also provides a range of insurance covers to Indian exporters against the risk of non – realization of export proceeds due to commercial or political risks.

It also provides different types of credit insurance covers to banks and other financial institutions to enable them to extend credit facilities to exporters.

Additionally, it also helps in Export Factoring facility for MSME sector which is a package of financial products consisting of working capital financing, credit risk protection, maintenance of sales ledger and collection of export receivables from the buyer located in overseas country.

The Corporation has introduced various export credit insurance schemes to meet the requirements of commercial banks extending export credit. The insurance covers enable the banks to extend timely and adequate export credit facilities to the exporters. ECGC keeps its premium rates at the optimal level.

News Source:- Livemint

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