The Cabinet Committee on Economic Affairs has approved contribution of Grant-in-Aid (Corpus) of Rs.1,040 crore to National Export Insurance Account Trust (NEIA).
The Corpus is to be utilised during three years from 2017-18 to 2019-20. An amount of Rs.440 crore has already been received for the year 2017-18. Rs.300 crore each will be given to NEIA for the years 2018-19 and 2019-20.
The Corpus would strengthen NEIA to support project exports from the country that are of strategic and national importance.
What is National Export Insurance Account Trust ?
National Export Insurance Account (NEIA) is a fund set up in year 2006. NEIA promotes exports from India by providing insurance to exports. NEIA is maintained and operated by a Public Trust set up jointly Department of Commerce and Export Credit Guarantee Council.
(Adapted from PIB)