Trade policy review report by the secretariat



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Measures Directly Affecting Exports

  1. Export procedures and requirements


          1. As in the case of imports, since 2011 the main changes in India's customs procedures for exports have concerned inter alia the adoption in 2011 of self-assessment with a view to facilitating trade, and the adoption of a risk management system.85 Under the self-assessment system, an exporter must assess the applicable customs duties, which may be verified by Customs. In addition, under a risk management system on exports introduced in 2013, the consignment may be examined, assessed or cleared without examination and assessment by Customs, based on associated risks. In the event the declaration by an exporter is found to be incorrect, it may be reassessed by Customs. The authorities indicate that currently around 80% of consignments are cleared without intervention by Customs.

          2. Exporters must, in principle, register with the DGFT and obtain an importer-exporter code IEC number to be eligible to export.86 Electronic submission of documents is, in principle, mandatory; an exception to this includes circumstances where electronic submission is not technically feasible. Around 98% of export documents are processed electronically.87

          3. Regarding time required for export procedures, the mean evacuation time at Chennai Port for May 2014 was 4days and 6 hours, according to a study conducted by the Central Board of Excise and Customs.

          4. India's quality control and preshipment inspection measures for exports have remained largely unchanged since its previous Review, except that additional products have been added to the list for mandatory preshipment inspection and certification. Under the Export (Quality Control and Inspection) Act of 1963, the EIC, together with export inspection agencies (EIC's field organizations), carries out quality control and preshipment inspection to ensure compliance with minimum standards for exports of notified products as per requirements of importing trading partners.88 Currently, quality control and preshipment inspection are required, inter alia, for exports of animal casings, basmati rice, crushed bones, dairy products, egg products, feed additives and pre-mixtures, fish and fish products, honey, meat and meat products, ossein and gelatine, peanut and peanut products, and poultry and poultry meat. Since India's previous Review, feed additives and pre mixtures, peanut and peanut products (to the European Union and Malaysia), and crushed bones, and ossein and gelatine have been added to the list of exports requiring quality control and preshipment inspection. In the case of seeds and planting materials for propagation, export inspections involve sampling and laboratory tests; visual examination and washing test may be carried out in certain cases.

          5. Export certification is conducted through consignment-wide inspection (CWI) as well as certification based on a food safety management system (FSMSC). Some of the key features of the FSMSC are approval of establishments (conditional and final), hazard analysis and critical control points (HACCP) audits, traceability mechanisms, enforcement control, three-tier monitoring systems to ensure compliance, and health certification as per requirements of importing trading partners; the authorities state that FSMSC is based on international standards and adopted by the EIC for export of notified products. The EIC charges 0.4% and 0.2% of the f.o.b. value of the export consignment for CWI and FSMSC-based certification respectively. On 10 March 2010, the Government amended the Export of Fresh, Frozen and Processed Fish and Fish Products (Quality Control and Inspection and Monitoring) Rules with a view to exercising better official control on primary production and taking necessary action to ensure safety throughout the food chain, including primary production. Under the amended Rules, the scope of official control has been broadened by covering establishment, landing centres, auction centres, factory vessels, freezer vessels, fishing vessels, aquaculture farms, hatcheries and feed mills. The EIC's other certification activities include health certificate, authenticity certificate (basmati rice), non-GMO certificate, and preferential certificates of origin (CoO) under 15 schemes/agreements. Certification is also carried out on a voluntary basis in respect of non-notified products on request from the exporter, importer or importing trading-partner based on their specific requirements. The EIC's certification has been recognized by India's trading partners including the European Union, China, Japan, the Russian Federation, Australia, Brazil, the Republic of Korea, Singapore, Viet Nam, Malaysia, Sri Lanka, Turkey, and the United States. Since its establishment as the official certification body of India the EIC has been promoting trade through its quality control and inspection activities by ensuring compliance with the requirements of importing trading partners.
  2. Export taxes, charges, and levies


          1. Since 2011, several changes have been made to the list of goods subject to export taxes. Currently, export taxes apply to bauxite, ilmenite, certain hides, skins and leathers, iron ore pellets, and ferrous waste and scrap (Table 3.11). The rates of export duty applicable to different products are specified in the Second Schedule of the Customs Tariff Act. As in the case of import tariffs, changes in these rates are either implemented through the Finance Bill presented at the time of the annual budget or through notifications issued by the Government.89 Export cesses are collected for development of a specific industry; they apply to certain spices, shellac and lac-based products, tobacco, manganese ore, chrome ore, mica products, and iron ore (Table 3.12).90

          2. Valuation of exports is determined in accordance with Section 14 of the Customs Act 1962 and the Customs Valuation (Determination of Value of Export Goods) Rules 2007.

Table 3.21 Export taxes, 2014

Product

Rate (% on the f.o.b. value, unless otherwise specified)

Iron ore pellets

5

Bauxite

10

Ilmenite

10 (unprocessed), 5 (upgraded)

Tanned and untanned hides, skins and leathers

10-25

Ferrous waste and scrap, and remelting scrap ingots of iron or steel

15

Source: WTO Secretariat, based on information provided by the Indian authorities.

Table 3.22 Export cess, 2014



Product

Cess rate

Shellac and lac-based products

Rs 2.30 per quintal

Certain spices

0.5% on the f.o.b. value

Tobacco

0.5% on the f.o.b. value

Manganese ore

Rs 4 per tonne

Chrome ore

Rs 6 per tonne

Mica products

3.5% of the f.o.b. value

Iron ore

Rs 1 per tonne

Note: The cess on manganese ore, chrome ore, and iron ore is levied under the Iron Ore Mines, Manganese Ore Mines, and Chrome Ore Mines Labour Welfare Cess Act 1976.

Source: WTO Secretariat, based on information provided by the Indian authorities.


      1. Minimum export prices


              1. Under the Export Policy Schedule (Foreign Trade Policy 2009-14), India maintains minimum export prices (MEP) for exports of onions and edible oil with a view to ensuring adequate availability at reasonable prices of certain items considered essential for domestic consumption (Table 3.13).91 The MEP and the items to be subject to it are decided by the Government after consultation with relevant ministries and departments, and the DGFT notifies these decisions. Changes since the previous Review include the elimination of minimum prices on exports of basmati rice on 4 July 201292, and adoption of MEPs on edible oil on 5 February 201393, and potatoes (fresh or chilled) on 26 June 2014. A notification concerning the introduction of minimum export prices on potatoes (fresh or chilled) was issued on 26 June 2014.94 The minimum export prices on potatoes were removed on 20 February 2015.95

Table 3.23 Goods subject to minimum export prices, December 2014

(US$)


Item

Minimum export price per tonne

Edible oil in branded consumer packs of up to 5 kg

900

General category onions

300

Bangalore rose and Krishnapuram onions

300

Source: WTO Secretariat, based on information provided by the Indian authorities.

      1. Export prohibitions, restrictions, and licensing

        1. Export prohibitions


              1. Export prohibitions apply mainly for environmental, food-security, marketing, pricing, and domestic supply reasons, and to comply with international treaties. Since its previous Review, the list of products subject to export prohibitions in India has remained largely unchanged; on 9 September 2011, export prohibition on non-basmati rice and wheat was removed. (Table A3.4).

              2. India bans exports of some products to the Republic of Korea, Iran and Iraq under UN Resolutions.96 Export prohibition of wood charcoal to Bhutan was lifted on 23 December 2013.97
        2. Export licensing and quotas


              1. Some 196 lines at the HS eight-digit level are currently subject to export restrictions under the Export Policy Schedule. Such products may be exported only if a licence is issued by the DGFT.

              2. On 8 December 2014, the previous requirement that exports of cotton and cotton yarn required an export authorization registration certificate (EARCs) issued by the DGFT was abolished.98

              3. Exports of milk powder, wheat, edible oil, pulses, and non-basmati rice were subject to quantitative restrictions between 5 December 2011 and 13 June 2014.99 Exports of sugar (by state-trading enterprises) are subject to quota under preferential regimes with the United States and the European Union and exports of stone aggregates to the Maldives were made subject to export quotas on 1 January 2014.100 On 4 July 2014, quantitative export restrictions on organic sugar were eliminated.101 Exports of brown seaweeds and sandalwood oil are subject to export quotas set by the DGFT.
      2. State trading enterprises


              1. State-trading export privileges for some agricultural and forest produce, including sugar (for exports under preferential regime), onions, and gum karaya, have been accorded to STEs with a view to enabling better marketing, realization of better prices, ensuring a steady domestic supply and preventing wide domestic price fluctuations.102 Similarly, with a view to ensuring a reliable supply of kerosene and liquefied petroleum gas (LPG), which are used as household fuels, exports are allowed only through STEs. Further, exports by STEs are deemed necessary for conservation and proper utilization of some ores of metals.

              2. On 26 September 2014, exclusive rights to export iron ore pellets accorded to KIOCL Limited (formerly known as Kudremukh Iron Ore Company Limited) were modified; KIOCL Limited can now export its own manufactured iron ore pellets either alone or through any entity it authorizes.103
      3. Export support and promotion


              1. India's most recent notification on export subsidy commitments was made in July 2012, and covers 2004-05 to 2009-10.104 According to the notification, export subsidies were provided to sugar, tea, processed fruits and vegetables, fresh fruits and vegetables, plants and flowers, and animal products during 2009-10.

              2. India's latest notification to the WTO Committee on Subsidies and Countervailing Measures concerned fisheries' subsidies at the state, union territories and central government levels.105 Its latest notification on other subsidy programmes (at the central government level) covers the period 2011-12.106

              3. India is an Annex VII(b) member under the SCM Agreement and as such may maintain export promotion schemes until its per capita gross national product (GNP) reaches US$1,000 in constant 1990 dollars for three consecutive years. In the last three years for which data are available (2010-12), the country's per capita gross national income (GNI)107 has remained below US$1,000 in constant 1990 dollars.108
        1. Special economic zones (SEZs)


              1. Since its previous Review, there have been no major changes to the legal framework and regulations concerning the operation of SEZs. They may be established by the central or state governments or by private developers (including foreigners) as joint ventures with the State or fully private. Legislation regulating SEZs at the central government level is the SEZ Act 2005 and Rules 2006. In addition, some States have enacted their own laws and rules to regulate SEZs. State SEZ legislation follows the lines of the SEZ Act 2005.109 All SEZs are under the administrative control of the SEZ Development Commissioner.

              2. Benefits accorded to firms established in a SEZ have remained largely unchanged since India's previous Review, except that the exemption from dividend distribution tax accorded to them was eliminated in 2011, and the exemption from minimum alternate tax was eliminated on 1 April 2012. Such firms are required to generate net foreign exchange earnings within five years of operation (Table 3.4). SEZ units are exempt from various taxes, including income tax, central sales tax, service tax, and from a series of state taxes (i.e. sales tax, stamp duty, and electricity duty). SEZ units may import all types of goods (including new and second‑hand capital goods) duty free both from abroad and from the domestic tariff area (DTA).110 Imports and exports into/from the SEZ are not subject to routine customs examination; for example, "let export" orders are granted on the basis of self-certification by the SEZ.111 Exports of products manufactured in SEZs are not subject to compulsory preshipment inspection. State‑trading requirements do not apply to SEZs (except for iron ore). Other export measures may apply to exports from the SEZs; for example, minimum export prices apply to exports from SEZs only when raw materials procured indigenously are exported unprocessed.112

              3. There is no quantitative limit on the amount of SEZs exports into the DTA. However, sales into the DTA attract the same duties and charges as any other import.

              4. At the end of 2014, India had 352 SEZs. During the period under review, exports from SEZs increased from some US$81.0 billion in 2011-12 to US$82.4 billion in 2013-14, accounting for 25.9% of total exports in 2013-14, compared with 24.9% in 2011-12.

              5. Major exports from SEZs include chemicals and pharmaceuticals, computer and electronic software, and gems and jewellery (Table 3.14). Tax revenue forgone as a result of the benefits granted to SEZs amounted (provisionally) to Rs 62.0 billion in 2013-14, compared with Rs 45.6 billion in 2011-12.113

Table 3.24 Incentives granted to SEZ units, 2014

Incentives

100% income tax exemption for SEZ units for the first five years, 50% for the next five years, and 50% of the ploughed‑back export profit for the next five years

Exemption from the central sales tax

Exemption from the service tax

Exemption from the state sales tax and other levies (e.g. stamp duty and electricity duty) as extended by the respective state governments

External commercial borrowing by SEZ units up to US$500 million in one year without any maturity restriction through recognized banking channels

100% FDI investment through automatic route

Single‑window clearance for central and state level approval procedures

Source: WTO document G/SCM/N/220/IND/Suppl.1, 14 November 2014; and information provided by the Indian authorities.

Table 3.25 Exports from SEZs, 2011-14



(US$ billion)

Sector

2011-12

2012-13

2013-14

Biotech

0.29

0.36

0.23

Computer/electronic software

18.00

25.98

30.68

Electronics hardware

4.55

3.88

2.74

Electronics

0.17

0.23

0.06

Engineering

0.57

0.89

1.35

Gems and jewellery

16.58

13.13

7.89

Chemicals and pharmaceuticals

33.89

33.13

33.27

Handicrafts

0.04

0.06

0.09

Plastic and rubber

0.36

0.33

0.24

Leather, footwear, and sports goods

0.11

0.17

0.28

Food and agro‑industry

0.16

0.15

0.15

Non‑conventional energy

0.07

0.04

0.11

Textiles and garments

0.65

0.80

0.70

Trading and services

4.70

8.30

3.33

Miscellaneous

0.84

0.74

1.23

Total

81.00

88.18

82.35

Percentage share of SEZs exports of India's total exports

24.86

29.14

25.94

Source: WTO Secretariat, based on information provided by the Indian authorities.
        1. Export-oriented units


              1. The export-oriented units (EOUs) scheme complements the SEZ scheme. EOUs are regulated by the Foreign Trade Policy. As in the case of the SEZs, the main objectives of the EOU scheme are to increase exports and foreign exchange revenues, promote the transfer of latest technologies, stimulate foreign direct investment, and generate additional employment. EOUs are similar to SEZs but may be located anywhere in the country.

              2. The minimum investment in an EOU is Rs 10 million. EOUs are licensed to manufacture or provide services for export for an initial period of five years (which may be extended). EOUs may benefit from tax and other incentives, subject to export performance. Since its previous Review, there has been no change to incentives granted to EOUs, except that Section 10B of the Income Tax Act was withdrawn on 1 April 2011. Sector-specific requirements are stipulated in the provisions of the EXIM policy, and vary from sector to sector. EOUs must also generate net foreign exchange earnings within five years of starting operations.114

              3. EOUs are exempt from various taxes, including central excise duty, when procuring capital goods, raw-materials, consumable spares from the domestic market, customs duty on import of capital goods, raw materials, consumable spares. Central sales tax (CST) paid on domestic purchases or duty paid on furnace oil, procured from domestic oil, is reimbursed (Table 3.16). EOUs may import all types of goods (including new and second‑hand capital goods) duty free from the DTA and abroad, and are exempt from routine customs procedures both when importing and exporting. Manufacturing EOUs are exempt from the state-trading regime with the exception of chrome ore/chrome concentrate.

              4. In principle, EOUs are established to export their entire production; however, subject to certain conditions, a specific percentage may be sold in the DTA upon payment of duties (including anti‑dumping duties) and taxes, with some exceptions. In general, EOUs may sell in the DTA goods and services for up to 50% of the f.o.b. value of exports, with the exception of producers of gems and jewellery who may sell up to 10% of the f.o.b. value of exports. Sales into the DTA are allowed only with the approval of the Development Commissioner; if similar goods are exported; and if the net foreign exchange earnings (NFEE) conditions have been fulfilled. Unless manufactured wholly out of indigenous raw materials, sales into the DTA are subject to the payment of 50% of the applicable basic customs duty and the 100% additional duty; the exceptions are pepper and marble, which may not be exported to the DTA even upon payment of full duty. Goods made of indigenous raw materials are subject to the payment of excise duties.

Table 3.26 Incentives granted to EOUs, 2014

Incentives

Exemption from customs and central excise duties on import/local procurement of capital goods, raw materials, consumables, spares, packing material, etc.

Reimbursement of central sales tax

Reimbursement of duty paid on fuels procured from domestic oil companies as per the rate of drawback

No import licences are required

Import of second-hand capital goods are allowed

CENVAT credit on the goods and service and refund thereof

Fast track clearance facilities

Exemption from industrial licensing for manufacture of items reserved for small-scale industry sector

Supplies from the DTA to EOUs are deemed exports and are exempt from payment of the excise duty

50% of production may be sold in the domestic market on payment of duty, generally 25%, plus a 100% additional customs duty

100% FDI investment through automatic route

Source: Central Board of Excise and Customs, Customs Manual 2014. Viewed at: http://www.cbec.gov.in/deptt_offcr/cs-manual2014.pdf; and information provided by the Indian authorities.

              1. A special licence granted by the Board of Approvals is necessary to set up an EOU to manufacture arms and ammunition, explosives and defence equipment, atomic substances, narcotics and psychotropic substances and hazardous chemicals, distillation and brewing of alcoholic drinks, cigarettes/cigars and manufactured tobacco substitutes. Up to 100% of FDI is allowed in EOUs under the automatic route in areas where no FDI prohibition applies.115

              2. In 2013-14, India had around 3,000 EOUs, manufacturing goods and providing services, excluding trading, which is not allowed.116 During the period under review, exports from EOUs decreased in value from some US$20.4 billion in 2011-12 to US$14.6 billion in 2013-14, accounting for 4.6% of total exports in 2013-14, compared with 6.3% in 2011-12 (Table 3.17).117 Tax revenue forgone as a result of the EOU scheme in 2013-14 was Rs 58.4 billion compared with Rs 58.8 billion in 2012-13.

Table 3.27 Exports from EOUs, 2011-14

(US$ billion)



Sectors

2011-12

2012-13

2013-14

Textiles and garments, yarn

0.82

0.70

0.61

Computer software

1.08

1.20

1.06

Electronics hardware

1.28

0.76

0.58

Engineering goods

4.55

3.24

2.64

Chemicals and pharmaceuticals

6.48

6.67

5.50

Leather and sports goods

0.17

0.11

0.08

Gems and jewellery

0.45

0.21

0.21

Plastic, rubber, and synthetic

0.44

0.39

0.37

Foods and agri and forest products

1.59

1.60

1.12

Miscellaneous

3.55

2.78

2.44

Total

20.42

17.66

14.62

Percentage share of EOUs exports of India's total exports

6.27

5.83

4.60

Source: WTO Secretariat, based on information provided by the Indian authorities; and IMF (2014).
        1. Drawback schemes


              1. Since its last Review, there have been no major changes to the framework of drawback schemes used by India; its drawback system consists of two types of drawback: the "all industry rate" and the "brand rate" for which the refund may be negotiated.

              2. The Customs Act 1962 (Sections 74-76), and the Customs and Central Excise Duties and Service Tax Drawback Rules 1995 regulate the drawback system in India. Under the drawback system, exporters are entitled to a refund of: the customs duties (including additional duties) on imported goods that are exported without transformation (Section 74); or customs duties, central excise duties, and the service tax levied on materials imported or produced locally to manufacture export products (Section 75). In addition, Re-export of Imported Goods (Drawback of Customs Duties) Rules 1995 regulate drawback on imported goods re-exported from India.

              3. All industry rates of duty drawback have been notified every year.118 In 2013-14, the amount of drawback under the brand rate scheme amounted to Rs 3.2 billion, compared with Rs 2.2 billion in 2011-12.119 Drawbacks are not allowed on certain specific products. These include commodities or products that are: (i) manufactured partly or wholly in a warehouse under Section 65 of the Customs Act 1962; (ii) manufactured or exported in discharge of export obligations against an advance licence or advance authorization or duty free import authorization issued under the Foreign Trade Policy; (iii) manufactured or exported by a unit licensed as 100% export-oriented unit in terms of the provisions of the Foreign Trade Policy; (iv) manufactured or exported by any of the units situated in, inter alia, special economic zones; or (v) manufactured or exported availing of the benefit of the notification No.32/1997 – Customs, issued on 1 April 1997.120

              4. The amount of duty drawback is based on likely duty imposed on the inputs and input services used in the manufacture of export goods. There is a cap or maximum amount for certain specified goods to discourage over-valuation of the goods exported.121 The duty drawback refunded amounted to Rs 123.3 billion in 2011-12, Rs 174.2 billion in 2012-13, and Rs 218.0 billion in 2013-14.
        2. Other duty and tax concessions


              1. In addition to the SEZs and EOUs regimes and the duty drawback system, India has a number of export incentive schemes, some of which are contingent on value addition and export obligations (Table A3.5). During the review period, duty entitlement passbook schemes and status‑holder incentive schemes were abolished. Income forgone as a result of these schemes totalled Rs 481,290 million in 2013-14 (Table A3.6).
        3. Export promotion and marketing assistance


              1. The structure of export promotion and marketing assistance schemes adopted by India has remained largely unchanged since its previous Review. The Department of Commerce encourages exports indirectly through a number of schemes including the Marketing Development Assistance (MDA) Scheme122 and Market Access Initiative (MAI) Scheme123 through export promotion councils (EPCs).124 Currently, there are 29 EPCs compared with 20 in 2011 and five commodity boards which promote exports of specific products.
      1. Export finance, insurance and guarantees


              1. Export finance is provided by commercial banks (including foreign banks) and the Export‑Import Bank of India (Exim Bank). Export financing programmes by commercial banks were first introduced in 1967 with a view to making short-term working capital finance available to exporters at internationally-comparable interest rates; export credit is available in rupees as well as in foreign currencies. Export credit in rupees is subject to a "base rate" system, available since July 2010, under which interest rates applicable are at or above base rate. Banks grant export credit to eligible exporters as per their loan policy approved by the board of directors.125 Banks can grant export credit in foreign currencies at internationally-competitive rates under the programmes of "pre-shipment credit in foreign currency" (PCFC) and "rediscounting of export bills abroad" (EBR). Up to 4 May 2012, banks were allowed to decide the interest rate on exports within the ceiling rate linked to LIBOR as prescribed by the Reserve Bank of India (RBI). With effect from 5 May 2012, banks are free to determine the interest rate on export credit in foreign currencies. Export credit, in rupees or in foreign currencies, is available for a maximum period of 360 days. Export credit is under the overall regulation and supervision of the RBI.

              2. With a view to promoting trade and investment, the Exim Bank provides Indian exporters with export credits on a cost-plus basis at market-related interest rates. The Exim Bank also provides finance and export support to EOUs (in the form of loans, working capital marketing support, export product development, export facilitation, and import finance) and value-added services (e.g. advice and marketing services aimed at evaluating international risks and export opportunities). The Exim Bank may also provide lines of credit to governments and to overseas financial institutions to enable buyers in those countries to purchase goods and services from India; the terms of these credits are negotiated between the Exim Bank and the overseas agency, based on market interest rates that are usually linked to the LIBOR.

              3. The Exim Bank also provides various export guarantee schemes and fee-based services to support international trade and investment, and conducts related research.

              4. During 2013-14, the Exim Bank approved loans amounting to Rs 482.6 billion, up from Rs 388.4 billion in 2009-10. For the year 2013-14, the Bank registered a post-tax profit of Rs 7.1 billion and paid a return on investment capital to the Government amounting to Rs 3.39 billion. The Bank has been making a profit since its inception and pays a return on capital every year to the Government. The main industrial sectors to which the Bank has exposure are ferrous metal and metal-processing, EPC (engineering, procurement and construction) services, textiles and garments, oil and gas, and drugs and pharmaceuticals.

              5. Under the current guidelines on lending to priority sectors, export credit extended by foreign banks with fewer than 20 branches will be counted towards the total priority sector lending target (32% of adjusted net bank credit (ANBC) or credit equivalent of off-balance sheet exposure, whichever is higher). For domestic banks and foreign banks with no fewer than 20 branches, export credit is counted towards the total priority sector target (40% of ANBC or credit equivalent of off-balance sheet exposure, whichever is higher), and export credit extended to certain specified categories (e.g. agriculture) will be counted towards the lending target for respective categories.126

              6. Insurance against export credit risk is provided by the ECGC Limited (formerly known as the Export Credit Guarantee Corporation of India Ltd.). ECGC is a 100% state-owned company, under the administrative control of the Ministry of Commerce and Industry, registered as a non-life insurance company under the Insurance Regulatory and Development Authority (IRDA) as per the IRDA Act 1999. ECGC provides insurance against commercial or country risks; it also grants insurance coverage to banks or financial institutions, which allows them to offer export credit facilities to exporters. ECGC also provides overseas investment insurance to Indian companies investing in joint ventures abroad through equity or loans. ECGC's short-term business covered 6.9% of India's total exports in 2013-14 and 64% of Indian banks total short-term export credit outstanding as of March 2014. ECGC's share is over 90% of the export credit insurance market in India. The National Export Insurance Account (NEIA), operated by ECGC, covers export credit risk for large, medium- and long-term overseas projects that are deemed commercially viable and strategically important from an economic and political point of view, but fall beyond ECGC's underwriting capacity and are not backed by reinsurance. Under the NEIA scheme, 22 projects with a value of around Rs 170.7 billion were covered.
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