NIRVIK Scheme: Niryat Rin Vikas Yojana, Higher Insurance Cover for Exporters

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Union Finance Minister Nirmala Sitharaman has launched the “NIRVIK Scheme” with an aim to provide higher insurance cover to exporters. Presenting the Union Budget for the year 2020, it was announced by the Finance Minister to start the Niryat Rin Vikas Yojana. The scheme invites exporters with high insurance cover to invest amid slow exports.

The scheme is being launched as a new scheme to achieve higher export credit disbursement. All exporters in Niryat Rin Vikas Yojana will be given loans. Through this scheme, the Finance Ministry has set a target of achieving 100 lakh crore investment in the next five years. Under the NIRVIK Scheme, up to 90% of insurance will be provided to all exporters.

Through this scheme, exporters will be able to settle claims faster with higher insurance cover. The Government of India is going to introduce some input duties reimbursement scheme from January 1, 2019, to protect the investment of exporters. The plan is to start this year. Finance Minister Nirmala Sitharaman said about this scheme while presenting the budget.

Finance Minister Nirmala Sitharaman said that institutional mechanisms are being created to develop each district as an export hub. For this, the Central Government will allocate ₹ 27,300 crores under the Department of Industry and Commerce in the year 2020-21. Although important sops have not been announced to boost exports

Simultaneously, to encourage entrepreneurship, the establishment of an investment withdrawal cell was announced. With the help of this cell, funding assistance will be offered to individuals. A portal will also be established for this. The central government is working to continue the existing export schemes which do not conform to the global trade norms.

Purpose of Starting Niryat Rin Vikas Yojana

  • The main objective of launching Prime Minister Niryat Rin Vikas Yojana also known as the NIRVIK Scheme is to ensure the availability of credit to exporters.
  • Under this scheme, exporters will be provided higher insurance cover to increase investment in India amid slow exports.
  • The scheme has been launched as a new scheme to achieve higher export credit disbursement.
  • MSME exporters will be benefited from higher tax reimbursement under NIRVIK Scheme. In this, banks will also be able to get another facility with ECGS insurance cover.
  • Under this scheme, the interest rate of foreign currency export credit will be between 4% to 8% through increased insurance cover.
  • With the introduction of Niryat Rin Vikas Yojana (NIRVIK Scheme), the Finance Ministry is expected to reduce the cost of loans along with capital gains in insurance coverage.

Features of Niryat Rin Vikas Yojana

The exporters will get many benefits from Niryat Rin Vikas Yojana being launched in collaboration with the Ministry of Finance. Here we are providing you the details of some major benefits: –

  • This scheme will make the ECGC process in India friendly to exporters.
  • Through this, it will help reduce the economic slowdown in India and investors will invest in India.
  • It will play an important role in ensuring credit availability by providing high insurance cover to exporters.
  • Niryat Rin Vikas Yojana is expected to reduce the cost of loans through the immediate settlement of claims, capital relief, and insurance cover.
  • In this scheme, exporters will be provided with the working capital for the export sector on time.

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What is Niryat Rin Vikas Yojana?

It is a scheme launched by Finance Minister Nirmala Sitharaman in which exporters will be provided with the facility of a loan with high insurance cover.

What benefits will the exporters get from this scheme?

It will provide high insurance cover and quick loans for exporters to invest in India. Along with this, he will also be able to quickly settle disputes.

How can one apply for Niryat Rin Vikas Yojana?

This plan has just been announced. Information related to the online application of this scheme has not been received yet.

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