India extends relief export insurance 6 months amid West Asia
With shipping disruptions and rising costs in West Asia, the Indian government is keeping its export insurance support scheme going for another six months.
This move, announced by the Directorate General of Foreign Trade under the RELIEF program, is meant to help Indian exporters deal with extra risks and expenses caused by regional tensions.
ECGC relief up to 100% cover
The RELIEF scheme (run by ECGC) now offers exporters with existing ECGC insurance additional risk cover of up to 100% for eligible shipments during the initial disruption period.
Eligible small- and medium-sized exporters that did not have ECGC insurance can receive reimbursement of up to 50% of eligible costs, subject to conditions and documentary verification, capped at ₹50 lakh per exporter.
The government has set aside ₹497 crore for this, showing it's serious about backing exporters and protecting jobs while things stay uncertain in West Asia.