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Centre to infuse Rs 1,650 cr into NEIA
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SME Times News Bureau | 29 Sep, 2021
To boost the exports sector, the Centre on Wednesday approved the
continuation of the National Export Insurance Account scheme with
infusion of Rs 1,650 crore grant-in-aid over 5 years.
Capital infusion in NEIA Trust will help tap the huge potential of project exports in focus market.
"Government
has today approved... contribution of 'Grant-in-aid' (corpus) of Rs
1,650 crore to NEIA over a period of five years, i.e. from FY 2021-2022
to FY 2025-2026," an official comminuque said.
The NEIA Trust
was established in 2006 to promote project exports from India that are
of strategic and national importance. The trust promotes medium and long
term (MLT) project exports.
"The capital infusion in NEIA Trust
will help the 'Indian Project Exporters' (IPE) to tap the huge potential
of project exports in focus market. Support to project exports with
Indian content sourced from across the country will enhance the
manufacturing in India."
"Corpus contribution of Rs 1,650 crore
will enhance the underwriting capacity of the Trust and will enable the
NEIA to support project exports worth Rs 33,000 crore at full capacity
utilisation that, in turn, will translate into an estimated output of
domestically manufactured goods to the tune of Rs 25,000 crore
approximately."
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