SSC
The NIRVIK (Niryat Rin Vikas Yojana) scheme, announced in the Union Budget 2020-21, is related to:
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Answer: Option A — Insurance cover for export credit
Detailed Solution
The NIRVIK (Niryat Rin Vikas Yojana) scheme, announced in the Union Budget 2020-21, is related to:
- Insurance cover for export credit
- Subsidy on fertilisers
- Pension for exporters
- Training of handicraft artisans
Quick tip
Remember: NIRVIK (Niryat Rin Vikas Yojana, Budget 2020-21) = higher insurance cover (up to 90 per cent) on export credit, through ECGC (1957, Mumbai); RoDTEP = 2021; Foreign Trade Policy 2023 aims at 2 trillion dollars of exports by 2030.
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Economic Reforms & Foreign Trade — Preparation
This question tests your understanding of Economic Reforms & Foreign Trade, a key topic in the General Knowledge section. The detailed solution above uses a step-by-step approach to show the reasoning, and where available, a shortcut that helps you solve similar questions in under 90 seconds during the actual exam.
This topic covers the 1991 economic reforms (liberalisation, privatisation and globalisation), industrial policies, foreign trade and India's main trading partners, balance of payments, current and capital accounts, exchange rates, FDI and FPI, and foreign trade policy. Common questions ask what LPG stands for, what the current account includes, the difference between FDI and FPI, and what devaluation of the rupee means. The 1991 reforms were introduced by the government of P. V. Narasimha Rao, with Manmohan Singh as Finance Minister. Practise the economic reforms and foreign trade questions below, written in the style of the general awareness sections of exams such as SSC, banking, railways, CUET GAT, MAH CET and CLAT. Each question comes with a detailed explanation that adds related facts, so every question helps you revise more than one point.