Live Events
Component I: For exporters already insured by ECGC (shipments between Feb 14 and Mar 15, 2026), the government will top up compensation for war and political risk losses beyond ordinary policy cover, keeping premiums at pre-disruption levels. Estimated support: Rs 56 crore.
For exporters already insured by ECGC (shipments between Feb 14 and Mar 15, 2026), the government will top up compensation for war and political risk losses beyond ordinary policy cover, keeping premiums at pre-disruption levels. Estimated support: Rs 56 crore. Component II: For upcoming exports from Mar 16 to Jun 15, 2026, offering stable premiums and enhanced cover of up to 95% for fresh shipments to the UAE, Saudi Arabia, Kuwait, Qatar, Oman, Bahrain, Iraq, Iran, Israel, and Yemen. Estimated support: Rs 159 crore.
For upcoming exports from Mar 16 to Jun 15, 2026, offering stable premiums and enhanced cover of up to 95% for fresh shipments to the UAE, Saudi Arabia, Kuwait, Qatar, Oman, Bahrain, Iraq, Iran, Israel, and Yemen. Estimated support: Rs 159 crore. Component III: For non-ECGC-insured MSME exporters, providing reimbursement of up to 50% of additional freight and insurance costs for shipments to the same countries. Estimated support: Rs 282 crore.
as a Reliable and Trusted News Source Addas a Reliable and Trusted News Source Add Now!
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
India will extend insurance coverage and provide financial support to exporters facing rising logistics costs due to disruptions in West Asia, the Ministry of Commerce and Industry announced on Thursday.The Rs 497 crore Resilience & Logistic Intervention for Export Promotion (RELIEF) scheme aims to stabilise export flows and safeguard India’s market share amid the ongoing conflict in the region.The move comes as global reinsurers have withdrawn coverage for shipments through conflict-hit corridors, including the Strait of Hormuz, sharply raising freight and insurance costs.Commerce Secretary Rajesh Agrawal said the government had set up two inter-ministerial groups in the Department of Commerce to track the situation and respond swiftly. “The Middle East conflict has an impact. We are trying to listen to exporters and respond to their challenges,” he said.The RELIEF scheme, structured under the Export Promotion Mission (EPM) with the Export Credit Guarantee Corporation of India (ECGC) as the nodal agency, has three components:The scheme comes in response to significant freight rate hikes — up to 100% on key routes during the Red Sea crisis of 2023-24 — vessel diversions, and congestion at trans-shipment hubs, which have heavily impacted MSMEs with limited working capital.Agrawal stressed the importance of these markets, noting that “there is a dependence on our exports in these countries, and we are trying to ensure that even in these difficult circumstances, exporters are supported.”To ensure transparency, ECGC will maintain a real-time dashboard to monitor claims and fund utilisation, while an EPM Steering Committee will have the authority to reallocate funds based on evolving conditions.