Government launches TIES for export linked infrastructure
Q. What does TIES stand for?- Published on 17 Mar 17
a. Trade Infrastructure for Export Scheme
b. Trade Investment for Export Scheme
c. Trade India for Export Scheme
d. None of the above
ANSWER: Trade Infrastructure for Export Scheme
Government has launched a new scheme Trade Infrastructure for Export Scheme for developing export linked infrastructure in states to promote outbound shipments.
Launched by Commerce and Industry ministry, TIES bridges the gap in infrastructure and provides forward and backward linkages to units in trade activities.
The Minister said the proposals of the implementing agencies for funding will be considered by an inter-ministerial empowered committee specially constituted for this Scheme to be chaired by the Commerce Secretary.
An empowered committee will be set up to periodically review the progress of the approved projects in the scheme.
The committee will also take the required steps to ensure that the objectives of the scheme are achieved.
The committee chaired by Commerce Secretary Rita Teaotia would also look over the proposals of the implementing agencies for funding.
The biggest cost incurred by the exporters is on account of the absence of proper dedicated infrastructure, whether it is testing or handling facilities or cold storages at ports.TIES: Know More
- Scheme will oversee projects like checkpoints, first and last mile connectivity, border haats and integrated check posts, would help in ensuring smoother movement in export cargo and better quality standards and certification.
- The main objective of the scheme is to enhance export competitiveness by bridging the gap in export infrastructure, which has not been addressed by any other scheme.
- Under this scheme, all central and state agencies including Commodities Boards, SEZ authorities, Export Promotion Councils and Apex Trade Bodies recognised under the EXIM policy of Government of India will be eligible for financial support.
- The funding would be in form of grant-in-aid and in normal cases it would not be more than the equity being funded by the implementing agency or 50% of the total equity in the project.
- Five per cent of the grant approved would be used for appraisal, review and monitoring.