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Cabinet approves a Corpus to National Export Insurance Account Trust (Relevant for GS Prelims; Economics)

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)

 

 



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