Here’s what Suresh Prabhu is doing to boost India’s exports

By: |
Updated: June 4, 2018 7:48:47 PM

As many as 15 projects, including setting up of a cold chain in Madhya Pradesh, were approved under by a commerce ministry scheme to develop infrastructure for promoting exports, a senior official said.

Here's what Suresh Prabhu is doing to boost India's exportsAs many as 15 projects were approved under by a commerce ministry scheme to develop infrastructure for promoting exports. (Image: Reuters)

As many as 15 projects, including setting up of a cold chain in Madhya Pradesh, were approved under by a commerce ministry scheme to develop infrastructure for promoting exports, a senior official said. Last year, the commerce ministry launched the Trade Infrastructure for Export Scheme (TIES) to create appropriate infrastructure for development and growth of exports through engagement of central or state agencies.

Of the total scheme outlay of Rs 600 crore was provided in 2017-18 and the same amount will be provided during the current fiscal also, the ministry official said. The scheme has been launched for three years to 2020.

The approved projects include setting up of an integrated cargo terminal at Imphal international airport; establishment of trade promotion centre in Bhopal; solid waste management system at Noida SEZ; and construction of office cum laboratory complex of export inspection agency at Vishakhapatnam.

The implementing agencies of these projects include Karnataka Fisheries Development Corporation Ltd; Visvesvaraya Trade Promotion Centre, Bengaluru; Cochin SEZ; Airport Authority of India, Coffee Board, Exports Inspection Council and Andhra Pradesh Med Tech Zone (AMTZ).

Unlike Assistance to States for Development of Export Infrastructure and Allied Activities (ASIDE) Scheme, which was funded by the Centre, the cost of projects under TIES are equally shared between the Centre and the states. The central and state agencies, including Export Promotion Councils, Commodities Boards, SEZ authorities and apex trade bodies are eligible for financial support under the scheme.

The Central government funding will be in the form of grant-in-aid, normally not more than the equity being put in by the implementing agency or 50 per cent of the total equity in the project. The proposals of the implementing agencies for funding is being considered by an empowered committee, chaired by the commerce secretary.

The scheme helps involve states in promoting export activities in the country. The commerce ministry is taking several steps to promote the country’s exports including improving export related infrastructure. In 2017-18, exports recorded a growth of about 10 per cent to USD 303 billion. Higher growth in outbound shipments helps create employment opportunities, earn foreign exchange and boost economic activities.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Moody’s trims India’s rating to lowest investment grade, retains ‘negative’ outlook
2Cabinet clears rescue plan to soften Covid-19 blow to MSMEs, street vendors
3Rains hit Kerala: Normal monsoon set to cheer up farm sector