Current Affairs PDF

MSME Ministry Launches Scheme for MSE: Designates ECGC Ltd as Nodal Agency

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

ECGC appointed as the Nodal Agency by the Ministry of MSMEThe Ministry of Micro, Small & Medium Enterprises (MoMSME) has introduced the “Capacity Building of First Time MSE Exporters” (CBFTE) component of the International Cooperation (IC) Scheme.

  • The scheme is intended to assist Micro and Small Enterprises (MSEs) in marketing their products in international markets by offering incentives at various phases of the business cycle.

ECGC Ltd as the Implementing Agency

MoMSME designated ECGC Ltd. (Formerly known as Export Credit Guarantee Corporation of India Ltd.) as the implementing agency of the scheme.

  • According to the MOU, MSE exporters who hold the ECGC Small Exporter’s Policy would now be entitled for reimbursement from the MoMSME.

Key Points:

i.The MoMSME shall release the grant under the scheme to ECGC on a reimbursement basis upon receiving of the reimbursement claim in the proforma and the supporting documentation as specified by the Ministry.

ii.The ECGC will then transfer the funds received from the MoMSME to the beneficiaries.

iii.The maximum amount that an exporter may be reimbursed in a fiscal year is Rs. 10,000 or actual, whichever is less.

iv.Eligibility Criteria for Availing the Benefits Under the Scheme:

  • Micro and Small Enterprises (MSE) with valid Udyam Registration
  • The MSE Import Export Code No. cannot be more than 3 years old on the date export shipment.
  • Proof of premium payment
  • MSE exporters engaged in the manufacturing sector are eligible under the scheme.

Recent Related News:

On 2nd August 2022, the Ministry of Micro, Small & Medium Enterprises (MoMSME) celebrated the landmark of 1 crore registrations on its Udyam Portal. On the occasion, the MoMSME signed a MoU with the Ministry of Tourism (MoT) and National Small Industries Corporation (NSIC) for sharing Udyam data.

About ECGC Ltd.
ECGC Ltd. (Formerly known as Export Credit Guarantee Corporation of India Ltd.) is fully owned by the Government of India.
Founded in – 1957
Chairman & Managing Director – Shri. M Senthilnathan
Headquarters  – Mumbai,Maharashtra

About Ministry of Micro, Small and Medium Enterprises (MoMSME):

Union Minister– Narayan Tatu Rane (Rajya Sabha- Maharashtra)
Minister of State (MoS)– Bhanu Pratap Singh Verma