Commerce ministry sets up committee for better utilisation of RELIEF initiative for exporters

The commerce ministry has established a six-member committee to enhance the RELIEF initiative for exporters

New Delhi: The commerce ministry has set up a six-member committee for better utilisation of funds and improved uptake of the RELIEF initiative for exporters.

RELIEF (Resilience and Logistics Intervention for Export Facilitation) is an initiative of the government launched under the Rs 25,060-crore Export Promotion Mission (EPM).

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It is aimed at protecting exporters from soaring freight costs, increased insurance premiums, and maritime trade disruptions in the Gulf and West Asian corridors.

In a trade notice, the Directorate General of Foreign Trade (DGFT) has said a sub-committee for RELIEF shall be constituted for better utilisation of funds and improved uptake of the intervention.

Three officials from the DGFT, and one each from the departments of commerce, financial services and Export Credit Guarantee Corporation of India (ECGC), are members of the committee.

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The sub-committee, it said, will review the progress of implementation of the three components of RELIEF, including the claims processed and the balance funds available as reported by ECGC; examine the factors affecting the uptake of the intervention and the utilisation of the approved funds; and recommend measures for better utilisation of funds and uptake of the intervention.

RELIEF (Resilience and Logistics Intervention for Export Facilitation) is an initiative of the government launched under the Rs 25,060-crore Export Promotion Mission (EPM).

It is aimed at protecting exporters from soaring freight costs, increased insurance premiums, and maritime trade disruptions in the Gulf and West Asian corridors.

In a trade notice, the Directorate General of Foreign Trade (DGFT) has said a sub-committee for RELIEF shall be constituted for better utilisation of funds and improved uptake of the intervention.

Three officials from the DGFT, and one each from the departments of commerce, financial services and Export Credit Guarantee Corporation of India (ECGC), are members of the committee.

The sub-committee, it said, will review the progress of implementation of the three components of RELIEF, including the claims processed and the balance funds available as reported by ECGC; examine the factors affecting the uptake of the intervention and the utilisation of the approved funds; and recommend measures for better utilisation of funds and uptake of the intervention.