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 condoles loss of lives due to railway accident in West Bengal
June 17, 2024
Announces ex-gratia from PMNRF

The Prime Minister, Shri Narendra Modi has condoled the loss of lives due to railway accident in West Bengal. The Prime Minister assured that rescue operations are underway to assist the affected while the Union Minister for Railways, Shri Ashwini Vaishnaw is on the way to the site of the mishap. The Prime Minister’s Office announced an ex-gratia of Rs. 2 lakh from PMNRF to the next of kin of each deceased and Rs. 50,000 for those injured.

The Prime Minister posted on X;

“The railway accident in West Bengal is saddening. Condolences to those who lost their loved ones. I pray that the injured recover at the earliest. Spoke to officials and took stock of the situation. Rescue operations are underway to assist the affected. The Railways Minister Shri Ashwini Vaishnaw Ji is on the way to the site of the mishap as well.”

The Prime Minister’s Office posted on X;

“PM Narendra Modi has announced that an ex-gratia of Rs. 2 lakh from PMNRF would be given to the next of kin of each deceased in the railway mishap in West Bengal. The injured would be given Rs. 50,000.”