Government has launched the RELIEF scheme under the Export Promotion Mission

¨    The government has launched the RELIEF scheme under the Export Promotion Mission.

¨     RELIEF stands for Resilience and Logistics Intervention for Export Facilitation.

¨  This scheme provides assistance to exporters affected by disruptions in West Asia. It addresses the escalating risks in maritime trade routes.

¨  Shipping routes have been diverted due to security concerns. Consequently, transit times have increased significantly.

¨   Congestion has intensified at major transshipment hubs. Freight charges have witnessed a massive surge, and insurance premiums have also risen.

¨     RELIEF is a time-bound assistance measure aimed at alleviating the financial burden on exporters.

¨     Its primary focus lies on addressing increased logistics costs and providing risk coverage.

¨ The RELIEF scheme covers both past and upcoming export consignments. ECGC Ltd. serves as the nodal implementing agency.

¨ It will manage the verification and claim processing procedures, as well as the disbursement and monitoring of funds.

¨   Exporters holding existing insurance policies can avail up to 100% additional risk coverage on shipments dispatched during the disruption period.

¨  Future shipments are eligible for up to 95% additional coverage. This assistance will remain available for the next three months.

¨Assistance is also being extended to uninsured MSME exporters. They can receive reimbursement of up to 50% of their additional costs.

¨  This includes freight charges and insurance surcharges. The maximum benefit limit per exporter is ₹50 lakh.

¨     The scheme covers exports destined for Gulf and West Asian countries.

¨     A budget of ₹497 crore has been allocated for this initiative. A dedicated dashboard system will monitor the implementation process in real-time.