The commerce ministry will soon approach the cabinet for reduction in insurance premium rates to 0.6 per cent for small exporters having an outstanding limit of less than Rs 80 crore, Piyush Goyal said on Monday. The commerce and industry minister said the premium rate is 0.72 per cent.

Further, premium rates for exporters having an outstanding limit of over Rs 80 crore will be streamlined with a view to help them.

Such exporters will be divided into categories such as non-gold, jewellery and diamond.

“For accounts with limits below Rs 80 crore, the premium rates will be moderated to 0.60 per annum and for those exceeding Rs 80 crore, it will be 0.72 per annum for the same enhanced cover,” Goyal said.