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The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for financial support to the National Export Insurance Account (NEIA) for overseas project exports by increasing the authorized corpus of the NEIA Trust to Rs. 4000 crore with risk underwriting capacity upto 20 times of the actual corpus. This is against the present leverage of 10 times and allocation of US$ 5 billion for Foreign Currency (FC) funds to Exim Bank out of Forex reserves, for on-lending by way of buyer's credit with NEIA cover.

The proposal will increase the capacity of the NEIA Trust to underwrite more large size projects in difficult countries with reasonably significant Indian content. The project exports would give sustained export earning income of greater lifecycle durability and help in creation of jobs for foreign exchange earnings.

Budgetary support to NEIA has been Rs. 956 crore. This will be augmented through further budget support.

Background:-

NEIA was set up in 2006 as a Public Trust by the Ministry of Commerce and Industry to promote project exports from India. NEIA also supports projects exports which have long credit period for repayment and which are beyond the underwriting capacity of the Export Credit Guarantee Corporation (ECGC).

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PM to attend the first “Arun Jaitley Memorial Lecture” on 8th July
July 07, 2022
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PM to also interact with delegates participating in the Kautilya Economic Conclave

Prime Minister Shri Narendra Modi will attend the first ‘Arun Jaitley Memorial Lecture’ (AJML) on 8th July, 2022 at 6:30 PM at Vigyan Bhavan, New Delhi. Prime Minister will also address the gathering during the event.

The keynote address at the first AJML will be delivered by Mr. Tharman Shanmugaratnam, Senior Minister, Government of Singapore, on “Growth through Inclusivity, Inclusivity through Growth’. The lecture will be followed by a panel discussion by Mr. Mathias Cormann (OECD Secretary-General) and Shri Arvind Panagariya (Professor, Columbia University).

Department of Economic Affairs, Ministry of Finance has organised the first ‘Arun Jaitley Memorial Lecture’ in recognition of Shri Arun Jaitley’s invaluable contribution to the nation.

Prime Minister will also interact with the delegates participating in the Kautilya Economic Conclave (KEC), a three day event being organised from 8th to 10th July. Eminent economists with which the Prime Minister will meet include Ms Anne Krueger, John Hopkins University; Mr Nicholas Stern, London School of Economics; Mr Robert Lawrence, Harvard Kennedy School; Mr. John Lipsky, former acting Managing director, IMF; Shri Junaid Ahmed, World Bank country director for India, among others. KEC is being organised by the Institute of Economic Growth with support from the Ministry of Finance.