CURRENT AFFAIRS

Detailed explanation-1: -The ECGC Ltd . (formerly known as Export Credit Guarantee Corporation of India Ltd.) wholly owned by government of India, was set up in 1957 with the objective of promoting exports from the country by providing credit risk insurance and related services for exports.

Detailed explanation-2: -The NIRVIK Scheme (also known as Niryat Rin Vikas Yojana) is a scheme implemented under the Export Credit Guarantee Corporation of India (ECGC) with a view to ease lending of loans and enhance credit availability to small-scale exporters.

Detailed explanation-3: -The NIRVIK Scheme (Niryat Rin Vikas Yojana)was launched during the FY 2020-2021 Union Budget by Finance Minister Nirmala Sitharaman with an aim to boost exports. Under this scheme, small-scale exporters are provided with high export insurance coverage at reduced premiums.

Detailed explanation-4: -Export Credit Guarantee Corporation of India (ECGC) has introduced the Export Credit Insurance Scheme (ECIS) called NIRVIK to enhance loan availability and ease the lending process.

Detailed explanation-5: -Features of the NIRVIK scheme Provides insurance cover up to 90% of the principal and interest amount. Insurance cover includes both pre and post-shipment credit. The extended coverage will ensure that Foreign export credit interest rates are below 4% and the Rupee export credit interest rates are below 8%.