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In 2017-18 Government To Launch New Scheme To Fund Export Infrastructure

infratructure

For developing infrastructure for benefiting exports in 2017-18, a new scheme is going to launch by the government by helping in cutting down the trading costs for traders.

Finance minister Mr Arun Jaitley, On 1st February 2017, in his budget speech, told that “A new and restructured central scheme with a focus on export infrastructure, namely, Trade Infrastructure for Export Scheme (TIES) will be launched in 2017-18.”

In many states, the Indian exporters have infrastructural challenges. in the international market, increasing the prices of Indian goods, the infrastructure is not on par with other countries and adds on to the transaction costs,

As it will help in developing state of art infrastructure like an end to end connectivity to ports, testing labs and certification centres, FIEO Federation of Indian Export Organisations are very happy with this move of the government.

The Union Commerce and Industry Minister Ms Nirmala Sitharaman had talked about TIES last month and for developing export infrastructure in states, this scheme will help in providing funds, she had informed this. In January, The Council for Trade Development and Promotion had a meeting where this topic was discussed.

Assistance to States for Development of Export Infrastructure and Allied Activities (ASIDE) Scheme was handed over to states when the 14th Finance Commission had recommended so TIES proposal is very important. For the development of export infrastructure in states, ASIDE provides for an outlay. The states later came back and asked the central government to develop infrastructure for exports, after this shift of ASIDE scheme happened last year, said by Sitharaman. To complete all pending work would be given to the states, she also informed.

In December 2016, India’s exports have increased by 5.72% to USD 23.9 billion as the petroleum, engineering, and pharmaceuticals segments have shown better results. From last four months, The Indian exports have been on a rise consecutively.

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