Madhavi Gaur
September 28, 2023 01:22
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The NIRVIK Scheme, also known as Niryat Rin Vikas Yojana, is an initiative implemented under the Export Credit Guarantee Corporation of India (ECGC).
The NIRVIK Scheme, also known as Niryat Rin Vikas Yojana, is an initiative implemented under the Export Credit Guarantee Corporation of India (ECGC) to facilitate easier access to loans and enhance credit availability for small-scale exporters.
This scheme was unveiled by the Finance Minister during the Union Budget for the fiscal year 2020-2021, announced on February 1st, 2020. The NIRVIK Scheme is designed to bolster India’s export sector and is a significant component of the government’s efforts to promote exports.
In the context of the IAS Exam, government schemes and policies are crucial topics that appear in the UPSC syllabus. They are often the subject of questions in the civil services examination.
The NIRVIK scheme, officially known as the Niryat Rin Vikas Yojana (Export Credit Insurance Scheme), is a government initiative designed to benefit small exporters by providing insurance benefits. Launched under the auspices of the Finance Minister of India in the Union Budget 2020-21, the scheme aims to shield small exporters from market volatility through comprehensive insurance coverage.
About the Export Credit Guarantee Corporation of India (ECGC):
ECGC Ltd., formerly known as Export Credit Guarantee Corporation of India Ltd., is a government-owned entity established in 1957. Its primary objective is to promote exports from India by providing credit risk insurance and related services for exports. ECGC aims to excel in offering export credit insurance and trade-related services, supporting the Indian export industry through cost-effective insurance.
The NIRVIK Scheme is a pivotal initiative aimed at revitalizing India’s export sector, and it has the potential to significantly impact the ease of doing business for exporters in the country.
As an export promotion organization, it enhances the competitiveness of Indian exports and provides credit insurance coverage.
The NIRVIK Scheme plays a pivotal role in supporting small exporters, promoting competitiveness, and facilitating the growth of the Indian export sector.
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