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The NIRVIK Scheme – officially Niryat Rin Vikas Yojana – is one of the very important schemes introduced by the Government of India in favor of small-scale exporters. NIRVIK was announced by Finance Minister Nirmala Sitharaman in the Union Budget for 2020-21, with the main objective of easing credit availability and increasing insurance coverage for exporters. The NIRVIK Scheme is an initiative by the Export Credit Guarantee Corporation of India (ECGC) to free exporters from the hassle of arranging financing and managing risks in international trade. The article deals with the meaning, required documents, features, and procedures for applying for the NIRVIK Scheme.
The NIRVIK Scheme is designed to offer better insurance to small-scale exporters by reducing the burden of obtaining export credit. Higher coverage, up to 90% on principal and interest, reduces the risks associated with exporting goods. Smaller-scale enterprises find it more useful because they also face the problem of accessing finance and managing credit risk.
The primary objectives of the NIRVIK Scheme include:
The NIRVIK Scheme comes with several notable features designed to support exporters:
To benefit from the NIRVIK Scheme, exporters must meet certain eligibility criteria:
When applying for the NIRVIK Scheme, exporters need to gather several important documents:
Applying for the NIRVIK Scheme involves a structured process designed to be straightforward for small-scale exporters. Here’s a step-by-step guide:
Your business first needs to qualify for the Export Credit Guarantee Corporation of India scheme by meeting all the eligibility criteria set above before your business meets all eligibility criteria.
Always collect all necessary documents when filling out the application form. All information from those documents must be accurate and current.
You may even walk into any office near the Export Credit Guarantee Corporation of India (ECGC) to learn about the application procedure or log on to their website.
Obtain a duly filled-up application form from the ECGC office. You may also download it from their website. Fill up all the application forms accurately.
Attach all relevant documents and clear, legible copies of the supporting materials when submitting the application form to ensure timely processing.
Fill out the annexed form with the attached documents and submit it either in person at an ECGC office or through its web portal, if available.
After submission, ECGC will scan your application, and the verification procedure will solicit additional information or clarification needed on the application from your end.
Once the verification is successful, you will receive confirmation of your application approval, which will cover you under the NIRVIK Scheme.
The benefits provided by the NIRVIK Scheme are substantial:
Now that you have a clear idea of the Niryat Rin Vikas Yojana (NIRVIK) scheme, you can find out how it may benefit your exporting business. Ensure that you collect all documents correctly and, above all, that they meet all standards required by the ECGC before submitting your application. You may, hence, enjoy the fruits of the fruits offered by this scheme — for example, enhanced insurance coverages and lower interest rates on loans — and further strengthen your financial position in foreign markets. Keep up-to-date with any updates or changes in this initiative as you move along the export journey.
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