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The government has instructed the Export Credit Guarantee Corporation (ECGC) to maintain a moratorium on insurance rates for Indian exporters in response to the Red Sea crisis. ECGC, a state-owned export promotion organization, provides credit insurance covers to improve Indian exports competitiveness.
The government on Wednesday said it has directed the Export Credit Guarantee Corporation (ECGC) to maintain a moratorium on insurance rates for Indian exporters in the wake of the Red Sea crisis. Minister of State for Commerce and Industry Anupriya Patel said that the ECGC continues to provide insurance coverage to exporters. She said that the corporation has not refused cover for export shipments routed through the Red Sea and the credit risk cover is being provided based on the risk assessment and creditworthiness of overseas buyers and terms of payment.
Earlier, the panel held its meeting on the issue on January 17 where the the commerce ministry asked the Department of Financial Services to monitor and maintain credit flow to exporters, who are facing freight cost troubles due to the Red Sea crisis.