Why is it in the news?
The government launched the RELIEF scheme to support exporters amid the West Asia crisis.
India is also exploring a domestic P&I Club for maritime risk coverage.
Category: Economy
Important Points:
● RELIEF stands for Resilience and Logistics Intervention for Export Facilitation
● Scheme provides credit insurance support to exporters
● Targets MSME exporters facing shipment disruptions
● Provides up to 100% loss coverage for war-related risks
● Covers exports to West Asia region countries
● Implemented through ECGC Ltd
● Encourages new exporters to opt for insurance
● P&I Clubs provide maritime liability insurance
● Covers risks like cargo damage, pollution and accidents