The government announced the Rs 497 crore RELIEF scheme to assist Indian exporters facing challenges like increased freight costs and export risks in the Gulf and wider West Asia maritime corridor. ECGC Ltd, a Ministry of Commerce and Industry entity, will oversee the scheme’s implementation, including verification, claim processing, and disbursement. The scheme comprises three components to support exports to countries like UAE, Saudi Arabia, and Iran, providing additional risk coverage for eligible consignments.
The RELIEF scheme offers enhanced protection to exporters with existing ECGC credit insurance cover, ensuring up to 100% risk coverage during the disruption period. Additionally, exporters planning future shipments in the next three months can avail of up to 95% risk coverage with government support, encouraging continued export activities despite logistical uncertainties. For MSME exporters without credit insurance but facing financial burdens, a partial reimbursement mechanism of up to 50% is included to alleviate conflict-related logistics cost escalation.
To facilitate efficient monitoring, ECGC will implement a dashboard-based system for real-time tracking of claims and fund utilization. The EPM Steering Committee will review the scheme periodically, considering geopolitical changes and making necessary adjustments for its operation.
