NIRVIK Yojana 2022 (Niryat Rin Vikas Yojana): PM Export Credit Development Nirvik Yojana – 91Sarkari Yojana

Niryat Rin Vikas NIRVIK Yojana

The Nirvik scheme of the central government is a scheme launched for exporters. Under this Lending to exporters Is. to this loan Export Credit Development Scheme Will be said This loan government insured will be, ie 90% of interest and principal insured Will be done. in this ESCG And ESIC Involved Huh. this loan guarantee loan Will happen. If a trader has an outstanding balance of less than ₹ 80 crore, then such exporters will be given a loan guarantee of 60% under the Nirvik scheme.

scheme name Export Credit Development Nirvik Scheme
Scheme launch date 14 September 2019
Objective of the plan To increase exports by providing easy credit to exporters at low interest.
beneficiary Indian exporter
the gain trade balance as exports increase

In June 2019, trading volumes reached a six-month high. According to official figures, compared to last year trade at a loss An increase of $ 120 million was seen. In the month of May, the export of products in the country had increased by only 4% to reach 3 thousand crore dollars. The same import saw an increase of 4.3%. So in order to increase exports The Prime Minister announced the Export Credit Development Scheme.

14 On September 2019, the Ministry of Industry and Commerce launched the Nirvik scheme through Export Credit Guarantee Corporation of India. New Export Credit Insurance Scheme (ECIS) The insurance cover percentage of both the loan principal and interest has been increased from 60% to 90% of the current average. Nirvik plan includes both pre and post shipment credit. The main objective of launching this scheme is to increase credit availability and accessibility for exporters and to ease trade.

The Export Guarantee Corporation of India will provide insurance cover as well as additional facilities to the banks. Because the credit of the borrower will be extended to AA rated account. The increased cover will ensure that the export credit rate for exporters will remain in the range of 4% to 8%.

PM Export Credit Development Nirvik Scheme

  • This scheme will increase exports.
  • There will be increased competition among the companies in the export sectors.
  • Easy loan and insurance scheme will facilitate business.
  • With the export promotion by the government, business people will be oriented towards the export sector.

Niryat Rin Vikas NIRVIK Yojana 2022: Benefits

  • Export Credit Development Scheme will make the ECGC processes export friendly.
  • This scheme will help in making Indian exporters competitive.
  • Will increase credit availability for exporters.
  • Capital relief due to prompt settlement of claims, lower provisioning requirement and liquidity in insurance cover is expected to bring down the cost of credit.
  • The Export Credit Development Scheme will ensure timely and adequate working capital for the export sector.

PM Export Credit Development Nirvik Scheme Main features of

  • The premium rate will be 0.06% p.a. for accounts with a limit of less than ₹ 80 crores and 0.72% p.a. for moderately above ₹ 80 crores.
  • Up to 90% of the principal and interest will be covered under the insurance.
  • The increased cover will ensure that the foreign and rupee export credit for exporters will have an interest rate of between 4% and 8%.
  • The Gems Jewelery and Diamonds (GJD) sector will have higher premium rate as compared to the non-GJD sector of this category due to higher loss rate on borrowers with more limit of ₹ 80 crore under Export Credit Development Scheme.
  • The insurance cover will include both pre and post shipment credit.
  • Banks will pay a premium on monthly principal and interest to the ECGC. Because because cover is being offered for both the dues.
  • This necessitates the inspection of bank documents and records by ECGC officials for losses exceeding ₹10 crore as against ₹1 crore at present.
  • Under this scheme, the loan to exporters in Indian currency, which till now was between 9 to 11 percent, will now be available at the rate of 7.5%. Similarly, the loan available in foreign currency in 4 to 5 percent will now be given at the rate of 3.5%. By getting cheaper credit, the cost of production of the exporters will come down.
  • The limit of insurance on loans given by Export Credit Guarantee Corporation of Infia to exporters has been increased.
  • After the increase in the insurance limit by the Export Credit Guarantee Corporation, the confidence of the banks will increase. In such a situation, banks will come forward to give loans easily.
  • Affordable credit will help exporters to compete in the international market. Exporters will get support of about 30 lakh rupees from this scheme of the government. This will increase employment and investment in the economy.
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