Union Minister Hardeep Singh Puri has said the government is framing a new scheme for improving bank credit to exporters. Puri was speaking at an industry event organised by EEPC India, in New Delhi on Tuesday.

"We are framing a new scheme to be known as 'Nirvik' to provide higher insurance coverage to banks on their export credit through ECGC (Export Credit Guarantee Corporation of India)," Puri was quoted as saying in a statement.

"The ECGC is expanding the export credit insurance cover for the working capital loans and moderation in premium incidence for exporters to enable lower interest rates for export credit," he said.

The Minister said the Commerce Ministry had formulated a strategy for resolving specific problems faced by exporters after wide-ranging consultations with them. "In essence, we are trying to provide whatever support you, as exporters, need from the government," he said.

Puri said efforts were being made to increase India's exports to emerging markets of Africa, Latin America through preferential or free trade agreements (FTAs).

He also exhorted engineering exporters, under the aegis of EEPC India, to more than double their shipments in five years to $150-200 billion.