Quick Links
Quick Links
UPSC Exams
Latest Update
Coaching
UPSC Current Affairs
Syllabus
UPSC Notes
Previous Year Papers
UPSC Mains Previous Year Question Papers Last 25 Years UPSC Prelims Question Papers Last 10 Years UPSC Question Papers UPSC CSE Prelims 2025 Question Paper UPSC Mains 2024 Model Answers UPSC 2024 Question Papers UPSC 2023 Question Papers UPSC 2022 Question Papers UPSC 2021 Question Papers UPSC 2020 Question Papers UPSC 2019 Question Papers UPSC 2018 Question Papers UPSC 2017 Question Papers UPSC 2016 Question Papers UPSC 2015 Question Papers UPSC 2014 Question Papers UPSC CSAT Question Papers UPSC IFS Previous Year Paper UPSC Assistant Labour Commissioner Previous Question Year Papers UPSC Combined Geo Scientist Previous Year Paper UPSC APFC Previous Year Question Papers UPSC CMS Previous Year Question Paper UPSC EPFO Previous Year Paper UPSC Air Safety Officer Previous Year Papers UPSC SO Steno Previous Year Paper UPSC IES ISS Previous Year Question Papers
Mock Tests
UPSC Editorial
Bilateral Ties
Albania India Relations India Algeria Relations Andorra India Relations India Angola Relations India Antigua Barbuda Relations India Argentina Relations Austria India Relations India Azerbaijan Relations Bahamas India Relations India Bahrain Relations Barbados India Relations India Belarus Relations Belgium India Relations Belize India Relations Benin India Relations Bolivia India Relations India Bosnia Herzegovina Relations India Botswana Relations Brazil India Relations Brunei India Relations Bulgaria India Relations Burundi India Relations Cabo Verde India Relations India Cambodia Relations India Cameroon Relations Canada India Relations India Cayman Islands Relations India Central African Republic Relations India Chad Relations Chile India Relations India Colombia Relations India Comoros Relations India Democratic Republic Of The Congo Relations India Republic Of The Congo Relations India Cook Islands Relations India Costa Rica Relations India Ivory Coast Relations India Croatia Relations India Cyprus Relations India Czech Republic Relations India Djibouti Relations India Dominica Relations India Dominican Republic Relations India Ecuador Relations India El Salvador Relations India Equatorial Guinea Relations India Eritrea Relations Estonia India Relations India Ethiopia Relations India Fiji Relations India Finland Relations India Gabon Relations India Gambia Relations India Georgia Relations Germany India Relations India Ghana Relations India Greece Relations India Grenada Relations India Guatemala Relations India Guinea Relations India Guinea Bissau Relations India Guyana Relations India Haiti Relations India Holy See Relations India Honduras Relations India Hong Kong Relations India Hungary Relations India Iceland Relations India Indonesia Relations India Iran Relations India Iraq Relations India Ireland Relations India Jamaica Relations India Kazakhstan Relations India Kenya Relations India Kingdom Of Eswatini Relations India Kiribati Relations India Kuwait Relations India Kyrgyzstan Relations India Laos Relations Latvia India Relations India Lebanon Relations India Lesotho Relations India Liberia Relations Libya India Relations Liechtenstein India Relations India Lithuania Relations India Luxembourg Relations India Macao Relations Madagascar India Relations India Malawi Relations India Mali Relations India Malta Relations India Marshall Islands Relations India Mauritania Relations India Micronesia Relations India Moldova Relations Monaco India Relations India Montenegro Relations India Montserrat Relations India Morocco Relations Mozambique India Relations India Namibia Relations India Nauru Relations Netherlands India Relations India Nicaragua Relations India Niger Relations India Nigeria Relations India Niue Relations India North Macedonia Relations Norway India Relations India Palau Relations India Panama Relations India Papua New Guinea Relations India Paraguay Relations Peru India Relations India Philippines Relations Qatar India Relations India Romania Relations Rwanda India Relations India Saint Kitts And Nevis Relations India Saint Lucia Relations India Saint Vincent And Grenadines Relations India Samoa Relations India Sao Tome And Principe Relations Saudi Arabia India Relations India Senegal Relations Serbia India Relations India Sierra Leone Relations India Singapore Relations India Slovak Republic Relations India Slovenia Relations India Solomon Islands Relations Somalia India Relations India South Sudan Relations India Spain Relations India Sudan Relations Suriname India Relations India Sweden Relations India Syria Relations India Tajikistan Relations Tanzania India Relations India Togo Relations India Tonga Islands Relations India Trinidad And Tobago Relations India Tunisia Relations India Turkmenistan Relations India Turks And Caicos Islands Relations India Tuvalu Relations India Uganda Relations India Ukraine Relations India Uae Relations India Uruguay Relations India Uzbekistan Relations India Vanuatu Relations India Venezuela Relations India British Virgin Islands Relations Yemen India Relations India Zambia Relations India Zimbabwe Relations
Books
Government Schemes
Production Linked Incentive Scheme Integrated Processing Development Scheme Rodtep Scheme Amended Technology Upgradation Fund Scheme Saathi Scheme Uday Scheme Hriday Scheme Samagra Shiksha Scheme India Nishta Scheme Stand Up India Scheme Sahakar Mitra Scheme Mdms Mid Day Meal Scheme Integrated Child Protection Scheme Vatsalya Scheme Operation Green Scheme Nai Roshni Scheme Nutrient Based Subsidy Scheme Kalia Scheme Ayushman Sahakar Scheme Nirvik Scheme Fame India Scheme Kusum Scheme Pm Svanidhi Scheme Pmvvy Scheme Pm Aasha Scheme Pradhan Mantri Mahila Shakti Kendra Scheme Pradhan Mantri Lpg Panjayat Scheme Mplads Scheme Svamitva Scheme Pat Scheme Udan Scheme Ek Bharat Shresth Bharat Scheme National Pension Scheme Ujala Scheme Operation Greens Scheme Gold Monetisation Scheme Family Planning Insurance Scheme Target Olympic Podium Scheme
Topics
NASA Space Missions
NASA Mercury-Redstone 3 (Freedom 7) Mission NASA Mercury-Redstone 4 (Liberty Bell 7) Mission NASA Mercury-Atlas 6 (Friendship 7) Mission NASA Mercury-Atlas 7 (Aurora 7) Mission NASA Mercury-Atlas 8 (Sigma 7) Mission NASA Mercury-Atlas 9 (Faith 7) Mission NASA Gemini 3 Mission NASA Gemini 4 Mission NASA Gemini 5 Mission NASA Gemini 7 Mission NASA Gemini 8 Mission NASA Gemini 9 Mission NASA Gemini 10 Mission NASA Gemini 11 Mission NASA Gemini 12 Mission NASA Apollo 1 (AS‑204) Mission NASA Apollo 7 Mission NASA Apollo 8 Mission NASA Apollo 9 Mission NASA Apollo 10 Mission NASA Apollo 11 Mission NASA Apollo 12 Mission NASA Apollo 13 Mission NASA Apollo 14 Mission NASA Apollo 15 Mission NASA Apollo 16 Mission NASA Apollo 17 Mission NASA Skylab Orbital Workshop Mission NASA Skylab 2 Mission NASA Skylab 3 Mission NASA Skylab 4 Mission NASA Apollo–Soyuz Test Project Mission NASA STS‑1 Columbia Mission NASA STS‑3 Columbia Mission NASA STS‑7 Challenger Mission NASA STS‑8 Challenger Mission NASA STS‑41B Challenger Mission NASA STS‑41G Discovery (1st female EVA) Mission NASA STS‑51L Challenger (accident) Mission NASA STS‑26 Discovery (Return‑to‑Flight) Mission NASA STS‑31 Discovery (Hubble Launch) Mission NASA STS‑49 Endeavour (first capture EVA) Mission NASA STS‑61 Endeavour (Hubble Servicing 1) Mission NASA STS‑73 Columbia (microgravity) Mission NASA STS‑95 Discovery (John Glenn returns) Mission NASA STS‑107 Columbia (accident) Mission NASA STS‑114 Discovery (RTF‑2) Mission NASA STS‑120 Discovery (Node 2) Mission NASA STS‑125 Atlantis (Final Hubble Service) Mission NASA STS‑132 Atlantis Mission NASA STS‑135 Atlantis (Final Shuttle flight) Mission NASA Artemis I (Orion/ SLS‑1) Mission NASA Artemis II (Planned) Mission NASA Artemis III (Planned lunar landing) Mission NASA Mariner 4 Mission NASA Mariner 6 Mission NASA Mariner 7 Mission NASA Mariner 9 Mission NASA Viking 1 Orbiter/Lander Mission NASA Viking 2 Orbiter/Lander Mission NASA Mars Pathfinder & Sojourner Mission NASA Mars Global Surveyor Mission NASA 2001 Mars Odyssey Mission NASA Mars Exploration Rover – Spirit Mission NASA Mars Exploration Rover – Opportunity Mission NASA Mars Reconnaissance Orbiter Mission NASA Phoenix Mars Lander Mission NASA InSight Mars Lander Mission NASA Mars 2020 (Perseverance & Ingenuity) Mission NASA Mars Sample Return – SRL (planned) Mission NASA Pioneer 10 Mission NASA Pioneer 11 Mission NASA Voyager 1 Mission NASA Voyager 2 Mission NASA Galileo Jupiter Orbiter/Probe Mission NASA Cassini–Huygens Mission NASA New Horizons (Pluto & KBO) Mission NASA Juno Mission NASA Europa Clipper (planned) Mission NASA Parker Solar Probe Mission NASA Solar Orbiter (ESA/NASA) Mission NASA Surveyor 1 Mission NASA Lunar Orbiter 1 Mission NASA Lunar Prospector Mission NASA LCROSS Mission NASA LADEE Mission NASA Lunar Reconnaissance Orbiter (LRO) Mission NASA CAPSTONE Mission NASA VIPER Rover (planned) Mission NASA NEAR Shoemaker Mission NASA Deep Space 1 Mission NASA Stardust Mission NASA Genesis Mission NASA Deep Impact Mission NASA Dawn (Vesta/Ceres) Mission NASA OSIRIS‑REx Mission NASA Lucy Mission NASA DART Mission NASA Landsat‑1 (ERTS‑1) Mission NASA Landsat‑5 Mission NASA Landsat‑9 Mission NASA Terra Mission NASA Aqua Mission NASA Aura Mission NASA Suomi NPP Mission NASA Sentinel‑6 Michael Freilich Mission NASA ICESat‑2 Mission NASA GRACE‑FO Mission NASA SMAP Mission NASA GPM Core Observatory Mission NASA CALIPSO Mission NASA CloudSat Mission NASA NISAR (NASA‑ISRO) Mission NASA Explorer 1 Mission NASA COBE Mission NASA Compton Gamma Ray Observatory Mission NASA Hubble Space Telescope Mission NASA Chandra X‑ray Observatory Mission NASA Spitzer Space Telescope Mission NASA WISE Mission NASA Kepler Mission NASA TESS Mission NASA Fermi Gamma‑ray Space Telescope Mission NASA NICER Mission NASA IXPE Mission NASA Roman Space Telescope (planned) Mission NASA NuSTAR Mission NASA GALEX Mission NASA Swift Mission NASA SOHO (ESA/NASA) Mission NASA Cluster II (ESA/NASA) Mission NASA TIMED Mission NASA STEREO‑A/B Mission NASA MMS Mission NASA IRIS Mission NASA Solar Dynamics Observatory Mission NASA X‑37B OTV‑1 (USAF/NASA liaison) Mission NASA X‑59 QueSST Mission NASA Mars Helicopter Ingenuity Mission NASA Valkyrie R5 Robot Mission NASA Low‑Boom Flight Demo Mission NASA CRS‑1 Dragon Mission NASA CRS‑1 Cygnus Mission NASA Crew Dragon Demo‑2 Mission NASA Starliner OFT‑2 Mission NASA STS-2 (Shuttle flight) Mission NASA STS-4 (Shuttle flight) Mission NASA STS-5 (Shuttle flight) Mission NASA STS-6 (Shuttle flight) Mission NASA STS-41C (Shuttle flight) Mission NASA STS-41D (Shuttle flight) Mission NASA STS-51A (Shuttle flight) Mission NASA STS-61C (Shuttle flight) Mission NASA STS-26 (Shuttle flight) Mission NASA STS-27 (Shuttle flight) Mission NASA STS-29 (Shuttle flight) Mission NASA STS-30 (Shuttle flight) Mission NASA STS-32 (Shuttle flight) Mission NASA STS-34 (Shuttle flight) Mission NASA STS-38 (Shuttle flight) Mission NASA STS-45 (Shuttle flight) Mission NASA STS-60 (Shuttle flight) Mission NASA STS-70 (Shuttle flight) Mission NASA STS-71 (Shuttle flight) Mission NASA STS-73 (Shuttle flight) Mission NASA STS-88 (Shuttle flight) Mission NASA STS-92 (Shuttle flight) Mission NASA STS-97 (Shuttle flight) Mission NASA STS-99 (Shuttle flight) Mission NASA STS-100 (Shuttle flight) Mission NASA STS-104 (Shuttle flight) Mission NASA STS-106 (Shuttle flight) Mission NASA STS-110 (Shuttle flight) Mission NASA STS-112 (Shuttle flight) Mission NASA STS-115 (Shuttle flight) Mission NASA STS-116 (Shuttle flight) Mission NASA STS-117 (Shuttle flight) Mission NASA STS-118 (Shuttle flight) Mission NASA STS-120 (Shuttle flight) Mission NASA STS-122 (Shuttle flight) Mission NASA STS-123 (Shuttle flight) Mission NASA STS-126 (Shuttle flight) Mission NASA STS-130 (Shuttle flight) Mission NASA Vanguard 1 Mission NASA Transit 1B Mission NASA Echo 1 Mission NASA Telstar 1 Mission NASA Syncom 3 Mission NASA ATS‑6 Mission NASA Skynet Mission NASA Nimbus‑1 Mission NASA Nimbus‑7 Mission NASA ERS-1 Mission NASA SeaSat Mission NASA QuikSCAT Mission NASA Jason‑1 Mission NASA Jason‑3 Mission NASA ICESat Mission NASA Earth Observing‑1 Mission NASA Orbiting Carbon Observatory‑2 Mission NASA CYGNSS Mission NASA PACE Mission NASA TRMM Mission NASA Terrestrial Planet Finder (cxl) Mission NASA Laser Interferometer Space Antenna (LISA) Mission NASA Explorer 33 Mission NASA Voyager Interstellar Mission Mission NASA Helios‑A Mission NASA Helios‑B Mission NASA ISEE‑3 (ICE) Mission NASA ACE Mission NASA DSCOVR Mission NASA IBEX Mission NASA Solar Orbiter Heliospheric Imager Mission NASA SAGE‑III ISS Mission NASA SPACE Telescope Imaging Spectrograph Mission NASA ARIEL (ESA/NASA) Mission NASA OSAM‑1 (Restore‑L) Mission NASA Dragonfly (Titan rotorcraft) Mission NASA VERITAS (Venus orbiter) Mission NASA DAVINCI (Venus probe) Mission NASA SPHEREx Mission NASA MAGGIE (Mars Geophysical) Mission NASA CLPS – Peregrine Mission NASA CLPS – VIPER Delivery Mission NASA CAPSTONE Mission NASA Gateway (HALO / PPE) Mission NASA Mars Telecommunication Orbiter (cxl) Mission NASA Mars Polar Lander (MPL) Mission NASA Mars Climate Orbiter Mission NASA Pathfinder Mission Mission NASA SLS Block 1B (Exploration Upper Stage) Mission NASA Orion Crew Module Mission NASA Commercial LEO Destinations – Axiom Station Mission NASA ISS Expedition 1 Mission NASA ISS Expedition 70 Mission NASA CRS‑11 (Dragon) Mission NASA CRS‑21 (Dragon 2) Mission NASA Snoopy CubeSat Mission
Home / IAS Preparation / Government Schemes of India / Nirvik Scheme

NIRVIK Scheme - Objectives, Features, Eligibility, Working, Benefits, Facts & More

Last Updated on Jul 28, 2023
Also Read Nirvik Scheme in Hindi
Download As PDF
IMPORTANT LINKS
Agriculture Notes For UPSC Public Administration UPSC Notes Modern History Books For UPSC Overseas Citizen Of India Caste System & Panchayati Raj Godavari River Federalism Indira Point New Development Bank Battle Of Sinhagad Sankalp And Strive Schemes Digital India High Yielding Varieties Economic Growth Development League Of Nations Ease Of Doing Business Mid Day Meal Scheme Wildlife Protection Act 1972 UPSC Notes International Union Conservation Nature

The NIRVIK Scheme is also known as Niryat Rin Vikas Yojana. This scheme is implemented under the Export Credit Guarantee Corporation of India (ECGC). The NIRVIK scheme leads to ease of lending of loans and enhances credit availability to small-scale exporters. It was announced by the Finance Minister during the Union Budget for 2020-2021 on February 1st, 2020. The scheme aims to boost the export segment of the Indian economy. 

NIRVIK Scheme is one of the most important topics for the UPSC IAS exam. It covers a significant part of the Government Schemes section in the General Studies Paper-2 Syllabus and current events of national importance in general studies paper -1 of the UPSC Prelims Syllabus.

This article will give details about the NIRVIK scheme from the perspective of the UPSC IAS examination. It will cover the scheme's features, need, working, and benefits. It will also cover various economic concepts involved.

The UPSC aspirants can also take the help of Testbook’s UPSC Free Coaching to boost their UPSC Exam preparation! You can also study all major topics related to UPSC IAS Exams with Testbook!

Download Government Scheme UPSC Notes with this link!

What is the NIRVIK Scheme?

The NIRVIK scheme has been launched to benefit small exporters. It protects small exporters against volatility in the markets by providing insurance benefits.

Launch

The Finance Minister of India announced the Niryat Rin Vikas Yojana (NIRVIK) scheme in the Union Budget 2020-21. It is also known as Export Credit Insurance Scheme (ECIS).

Controlling Ministries involved

According to the Finance Minister NIRVIK scheme is being prepared by the Ministry of Commerce and Industry.

The Export Credit Guarantee Corporation of India introduced the scheme under the Ministry of Commerce and Industry.

About Export Credit Guarantee Corporation of India

The central government set up ECGC to promote and support exports from the country. Since its inception in 1957, it has launched various credit insurance schemes.

It is essentially an export promotion organization that enhances the competitiveness of Indian exports. It provides credit insurance coverage for that purpose.

The government of India wholly owns it.

NIRVIK Scheme is one such scheme provided by the organization.

FREEMentorship Program by
Ravi Kapoor, Ex-IRS
UPSC Exam-Hacker, Author, Super Mentor, MA
100+ Success Stories
Key Highlights
Achieve your Goal with our mentorship program, offering regular guidance and effective exam strategies.
Cultivate a focused mindset for exam success through our mentorship program.
2 Lakh+ Students Mentored Get
Get Free Mentorship Now
UPSC Beginners Program

Get UPSC Beginners Program SuperCoaching @ just

₹50000

Claim for free
Want to know more about this pass ?
Explore SuperCoaching

Objectives of the NIRVIK Scheme
  • To enable exporters to expand their business, high insurance coverage is offered
  • Reduction in the policy premium paid by small exporters
  • Up to a 90% credit guarantee will be provided to exporters in case of loss.
  • Simplification of claim procedures to make it easier for exporters to work (ease of doing business)
  • Increasing the credit disbursement to small exporters

Ultimately, the nirvik scheme aims to increase the exports and export of products from India.

Know more about the Sahakar Mitra Scheme!

Salient Features of the NIRVIK Scheme

Here are the salient features of the NIRVIK Scheme:

  • The NIRVIK scheme was launched in 2020 by the Ministry of Commerce and Industry.
  • The scheme provides for a higher export credit limit for exporters. Exporters can avail of credit up to 20 times their annual turnover.
  • Exporters can avail of export credit for a repayment period of up to 10 years compared to 5-7 years earlier. This enhances the viability of exports.
  • The scheme provides for lower interest rates on export credits at rates linked to repo rates. This reduces costs for exporters.
  • The scheme provides an online portal, 'NIRVIK,' for the provision of export credit. A dedicated portal for the resolution of exporters' issues is also launched.
  • The scheme aims to ensure faster disbursement and settlement of export insurance claims.
  • E-monitoring tools and a risk-based approach will reduce the compliance burden. It will also simplify documentation norms.
  • The main aim is to reduce financing costs and transaction time for exporters to make Indian exports competitive globally.
  • The scheme will particularly benefit MSMEs that face high costs and restricted access to formal export credit.

Know more about the Nai Roshni Scheme!

Eligibility for NIRVIK Scheme

The eligibility criteria for availing support under the NIRVIK scheme are:

  • The exporters must be registered with any of the Authorised Dealers Category- I banks.
  • Only exporters with good track records/ creditworthiness shall be eligible under the scheme.
  • Exporters without an established export track record will also be eligible. However, they should get credit rated and fulfill eligibility conditions.
  • Under the scheme, both existing exporters and new exporters can avail of export credit facilities from banks.
  • Eligible exporters can avail of export credit for pre-shipment activities. This includes purchasing raw materials, packing credit, etc. Post-shipment activities like export bill negotiation is also applicable.
  • The export activity must involve physical exports and exports through the supply of services from India.
  • All exporters registered with the Director General of Foreign Trade (DGFT) under any of the Export Promotion Councils are eligible under NIRVIK.
  • Exporters associated with merchandise, agriculture, marine, or services sector can avail support under the scheme.
  • Even MSME exporters who fulfill eligibility conditions will get higher export credit under the NIRVIK scheme.

Benefits of Niryat Rin Vikas Yojana
  • The cost of insurance for exporters is reduced.
  • It minimizes the risks of non-payment incentivizing exporters to export more.
  • It reduces credit costs for exporters and ensures easy access to funds. It stabilizes the interest rates for export credit in the case of foreign and Indian rupee export credit at 8% and 4%, respectively.
  • Due to features such as instant claim settlement, it ensures working capital or liquidity for exporters.
  • This improves the competitiveness of Indian exporters in National and international markets.
  • Ultimately the scheme reduces the cost for exporters, increases the risk-taking capability, and ensures more export production and exports.
  • More exports are beneficial for the Indian economy as it leads to more employment as well as a reduction in the Current Account Deficit.

Click here to learn about the structure of the banking sector in India!

Working of NIRVIK Scheme

Here is the working mechanism of the NIRVIK Scheme:

  • Urban cooperative societies interested in availing of the NIRVIK scheme can apply to the National Bank for Agriculture and Rural Development (NABARD).
  • NABARD will assess the eligibility of the urban cooperative society and its financial health.
  • If the urban cooperative society is found eligible, NABARD will sanction the loan.
  • The loan amount will be disbursed to the urban cooperative society in installments.
  • The urban cooperative society will repay the loan amount to NABARD in installments. The repayment is made along with interest.
  • The Government of India guarantees the NIRVIK scheme. The NABARD will not suffer any losses if the urban cooperative society defaults on the loan.

NIRVIK Scheme: Facts and Figures for UPSC

Various important facts about the scheme are tabulated below:

Niryat Rin Vikas Yojana (NIRVIK Scheme)

Launched by

Export Credit Guarantee Corporation Of India

Launched for

Small Exporter

Announced by

Finance minister Nirmala Sitaraman

Objective

To provide higher insurance coverage to small exporters

Benefits
  • Reduction in premium
  • The insurance amount will cover 90% of the principal and interest.

Department

Commerce Ministry

Disbursement of credit in 2018-2019

Rs. 9.57 crore

Disbursement of credit in 2017-18

Rs. 12.39 crore

Main purpose

Availability of funds for small exporters

Credit interest rate

4 to 8%

Scheme period

5 years

Click here to learn about various types of banks in India!

Way forward

Indian exporters face multidimensional problems, including a turbulent global environment, the fallout of the COVID pandemic lockdowns, and lackluster credit growth in the Indian banking system.

The scheme assists the exporters in such an environment to take further risks and increase exports and export production in India.

Although the scheme's intent is good, the government also needs to focus on the problem of low credit growth in the banking industry. Solutions to that will not only help the Indian exporters but also satisfy the demand for loans in the Indian domestic market, ultimately leading to more production.

Click here to learn all about Gross Domestic Product. 

Conclusion

The Nirvik scheme is an export credit insurance scheme launched to support small exporters in India. It provides various benefits, such as reduced premiums, increased insurance coverage, and simplification of processes for eligible beneficiaries.

It increases the risk-taking capability of exporters and the banks which give loans to the exporters. This can ultimately lead to an increase in export production which helps create more employment and contributes to India's economic development.

NIRVIK Scheme Previous Year Questions
  • Account for the failure of the manufacturing sector to achieve the goal of labor-intensive exports rather than capital-intensive exports. Suggest measures for more labor-intensive rather than capital-intensive exports. (2017)
  • There is a clear acknowledgment that Special Economic Zones (SEZs) are a tool for industrial development, manufacturing, and exports. Recognizing this potential, the whole instrumentality of SEZs requires augmentation. Discuss the issues plaguing the success of SEZs concerning taxation, governing laws, and administration. (2015)

All your doubts regarding the NIRVIK scheme will be cleared after this article. You can download the Testbook App now to check out various other topics relevant to the UPSC IAS Exam.

More Articles for IAS Preparation

NIRVIK Scheme FAQs

The Niryat Rin Vikas Yojana (NIRVIK) scheme was introduced by the Finance Minister in budget 2020-21. The announcement was done in Parliament.

Indian exporters are facing various issues such as uncertain global trade due to the fallout of the pandemic lockdowns. There is also a lack of sufficient credit growth in India.

The main aim of the scheme is to support small exporters and increase export production in India. The ultimate goal is to increase employment and development in the country.

The Export Credit Guarantee Corporation of India or ECGC is an organization established by the Indian government to support exporters. It provides various financial products for that purpose.

The scheme was introduced by the Finance Minister of India, Nirmala Sitharaman, in the budget 2020-21.
Report An Error
Exams Tests Super Practice