India Expands Export Insurance Scheme Amid West Asia Crisis
West Asia crisis: Govt expands export insurance scheme
The Economic TimesImage: The Economic Times
The Indian government has expanded its Resilience & Logistics Intervention for Export Facilitation (RELIEF) scheme to include Jordan and Egypt, providing higher insurance support for exporters affected by disruptions in West Asia. This initiative aims to bolster export resilience and maintain trade flows amidst ongoing geopolitical tensions.
- 01The RELIEF scheme now includes Jordan and Egypt as eligible destinations.
- 02The scheme has a budget of βΉ497 crore (approximately $60 million USD).
- 03It aims to support exporters facing disruptions due to the West Asia crisis.
- 04Exporters obtaining new insurance policies after March 16, 2026, will be eligible for support.
- 05The government is implementing reforms to enhance the efficiency of export-related processes.
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On Friday, the Indian government announced an expansion of its Resilience & Logistics Intervention for Export Facilitation (RELIEF) scheme, adding Jordan and Egypt to the list of eligible destinations. This scheme, with a budget of βΉ497 crore (approximately $60 million USD), aims to provide higher insurance coverage to exporters affected by disruptions caused by the ongoing crisis in West Asia. The Ministry of Commerce and Industry emphasized that this expansion is crucial for supporting exporters operating across the extended West Asia and North Africa corridor, ensuring they are adequately supported during current geopolitical and logistics uncertainties. Additionally, the government clarified that exporters obtaining a fresh Export Credit Guarantee Corporation (ECGC) whole turnover policy on or after March 16, 2026, will be eligible for this support. The intervention is designed to provide assistance throughout the export cycle, including for shipments already made during the disruption period. Furthermore, the ministry has initiated targeted reforms to improve the functioning of Norms Committees under the Directorate General of Foreign Trade (DGFT), enhancing turnaround times and transparency in export processes.
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This expansion of the RELIEF scheme is expected to provide crucial support to Indian exporters, helping them navigate challenges and maintain trade flows amidst geopolitical tensions.
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