Mumbai : 20 September 2022
The Ministry of MSME has launched a scheme for the Micro and Small Enterprises (MSE) to promote their products in the international markets through incentives at various stages of the business cycle. The Ministry has appointed Export Credit Guarantee Corporation of India (ECGC) as the implementing agency for the ‘Capacity Building of First Time MSE Exporters’ (CBFTE) component of International Cooperation (IC) Scheme.
An MoU was signed between the Ministry of MSME and ECGC Ltd. today on 20.09.2022 at New Delhi, in the presence of Shri B. B. Swain, IAS, Secretary, MSME, Government of India. Under the MOU, the export credit insurance premium paid by the MSE exporters, holding the ECGC Small Exporter’s Policy, will now be eligible for reimbursement from the Ministry of MSME.
The grant under the scheme will be released to ECGC on reimbursement basis by the Ministry of MSME, on submission of the reimbursement claim in the proforma accompanied by the documents as prescribed by the Ministry. The amount received from the Ministry of MSME, will then be transferred by ECGC to the beneficiaries. The maximum reimbursement to an exporter in a financial year will be Rs. 10,000/- or actual, whichever is lower.
The eligibility criteria for availing the benefits under the Scheme are:
- Micro and Small Enterprise (MSE) with valid Udyam Registration
- Import Export Code No. of the MSE must not be older than 3 years on the date of export shipment
- Proof of premium payment.
The above scheme is applicable to the MSE exporters engaged in the Manufacturing Sector.
About ECGC
ECGC Limited, a premier Export Credit Agency (ECA) of the Government of India, was established in 1957 under the Companies Act to provide export credit insurance services to exporters and banks on a ‘’no-profit no-loss” basis to promote and support exports from India. The Company functions under the administrative control of the Ministry of Commerce and Industry.
Source ECGC
CP/PM
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