Announcement of various measures to boost the export sector

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Recently the cabinet has announced various measures to boost the export sector. Major measures and decisions taken there under –

National Export Insurance Account (NEIA) will continue:

  • An investment of Rs 1,650 crore has been approved for continuation of NEIA scheme and for a period of five years (2021-2022 to 2025-2028).
  • The infusion of capital in NEIA Trust will help Indian Project Exporters (PEs) to tap the potential of project exports in the designated market. Along with this, manufacturing activities in India will also be encouraged.
  • NEIA Trust was established in the year 2006 to promote export of projects of strategic and national importance from India.
  • It encourages medium and long term project exports by enabling credit and political insurance.

Capital investment in Export Credit Guarantee Corporation (ECGC):

  • The government will invest Rs 4,400 crore in ECGC over a period of five years starting from the year 2021-22. It is to be noted that this investment will be made to provide assistance to exporters as well as banks.
  • This will expand the scope of ECGC in export oriented industries especially in labor intensive sectors. Along with this, it will also help in creating 59 lakh new jobs including 26 lakh jobs in the formal sector.
  • ECGC was established in the year 1957 to promote exports by providing credit risk insurance and related services for exports.
  • It functions under the Ministry of Commerce and Industry.
  • The cabinet has also approved listing of ECGC through Initial Public Offer (IPO) on stock exchanges.

Foreign Trade Policy (FTP) extended for 6 months (till March 31, 2022)

  • Earlier, the period of FTP (Year 2015-20) was extended till September 30, 2021 due to COVID-19.
  • The FTP issues guidelines for promotion of exports to promote economic growth and to generate employment and incentives under various schemes.

India-Exports 2021 Portal and India Export Initiative launched

  • The portal has been established as an information and knowledge platform for exports by Indian Micro, Small and Medium Enterprises (MSMEs) with trends in exports, export procedures etc.
  • The ‘India Export Initiative’ aims to target over 1 lakh MSMEs seeking more information on exports. In addition, the number of active exporters is to be doubled by encouraging over 30,000 MSMEs to export.

Source – The Hindu

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