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Commerce Ministry clears 2 infrastructure projects for export promotion under TIES in FY'19

26-Jul-2018
Commerce Ministry clears 2 infrastructure projects for export promotion under TIES in FY'19

Two projects have been approved so far in 2018-19 by Commerce Ministry to develop infrastructure for promoting exports, a senior official said. Last year, the 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.

Land Ports Authority of India (LPAI) and Andhra Pradesh Med Tech Zone (AMTZ) would execute the two projects separately.

About Rs 54 crore was approved under TIES for these projects and Rs 11.56 crore has been released so far, the official said. Last year, as many as 16 projects, including setting up of a cold chain in Madhya Pradesh were approved under TIES. The scheme has been launched for three years till 2020.

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 States.

The proposal of the implementing agencies for funding is 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 exports including improving export-related infrastructure.

In 2017-18, exports recorded a growth of about 10 per cent to $303 billion.

Higher growth in outbound shipments helps create employment opportunities, earn foreign exchange and boost economic activities.


Source:- Dailyshippingtimes.com

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