National Insurance Company Ltd (NIC) and Export Credit Guarantee Corporation of India Ltd (ECGC) have signed a memorandum of understanding (MoU) for promoting and expanding exports of tiny, small and medium size enterprises.
"As per the MoU, along with the specific shipment policy, exporters will be given a marine insurance free of cost as the premium will be borne by ECGC", the corporation's chairman and managing director PMA Hakeem told newspersons on Tuesday.
Eventually, ECGC would expand this facility to even other policies offered by them, he said.
NIC chairman and managing director H S Wadhwa said this tie-up was a significant step taken by both institutions towards achieving the Government's goal of reaching one per cent share of the global trade by year 2007.
Hakeem said with reserves of more than $ 100 billion, the country was in a position to meet the import bill for 18 months. However, the share in international trade was pathetically low even with 15-16 per cent world population residing in the country.