Centre receives 5 proposal from States for developing export infrastructure under TIES

Posted by Daily Shipping Times on 01-08-2017        Tweet

NEW DELHI: The Commerce Ministry has received five proposals from States like Karnataka and Andhra Pradesh under its new scheme to develop infrastructure for promoting exports, a senior official said.

Commerce and Industry Minister Nirmala Sitharaman had in March launched Trade Infrastructure for Export Scheme (TIES), extending financial assistance to bridge the infrastructure gap and provide forward and backward linkages to various units.

According to the official, the projects have been given in-principal approval.

The five implementing agencies are -- Karnataka Fisheries Development Corporation Ltd (KFDC); Visvesvaraya Trade Promotion Centre (VTPC), Bengaluru; Cochin SEZ; Airport Authority of India (AAI) 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.