The government introduced the Resilience and Logistics Intervention for Export Facilitation (RELIEF) scheme to assist Indian exporters facing challenges from the West Asia crisis. Commerce Secretary Rajesh Agrawal unveiled the scheme as part of the broader Export Promotion Mission, aiming to stabilize export flows during the current crisis. Specifically targeted at small and medium enterprises, RELIEF aims to provide support to exporters dealing with disruptions in shipping and logistics.
The scheme will focus on 17-18 destinations significantly impacted by the West Asia and Gulf region situation. It seeks to ensure the smooth continuation of exports despite challenges such as high freight costs and increased insurance premiums due to the conflict. RELIEF will cover both insured exporters and non-ECGC insured MSME exporters for one month, with additional support for future shipments for up to three months.
The initiative’s expenses will be covered from the existing allocation under the Export Promotion Mission. Additionally, an inter-ministerial group is working to address the issues faced by exporters, including delays and disruptions in key routes. The recent disruptions in shipping and air corridors in the region, following the joint US and Israel attack on Iran, have led to increased oil prices and logistics costs, impacting global trade.
The government hopes that the RELIEF scheme, with an outlay of nearly Rs 500 crore, will provide timely and focused intervention to aid exporters during these challenging times. The Export Credit Guarantee Corp will serve as the implementing agency for the scheme.
