Almost all the states had sought a central scheme which supports export infrastructure
GN Bureau | January 5, 2017
The central government is trying to formulate a scheme that will help create export infrastructure, commerce and industry minister Nirmala Sitharaman said on Thursday.
“As almost all the states had expressed their wish for a central scheme which supports export infrastructure, we have acted on your suggestion and are trying to formulate a scheme which could provide financial support and supplement your efforts to create export infrastructure,” said the minister.
“I hope we can soon succeed in achieving a consensus for the roll out of this scheme, which is very aptly titled as TIES or Trade Infrastructure for Export Scheme. This would surely strengthen our TIES with the states,” she added.
At a meeting of Council for Trade Development and Promotion, the minister said that though, since last January we have managed to contain our trade deficit due to controls on imports, there is an immediate need to synergize our efforts and jointly take appropriate steps to boost India’s exports - which is the only sustainable way in today’s international trade environment
“As you already know, there is a slowdown in world economy which has resulted in decrease in some of India’s traditional exports,” she added.
She exhorted the states to enhance their co-operation with central agencies for setting up common facilities like testing labs, training institutes as well as packaging and storage support to industry.
“States have also been requested to develop their export strategy aligned with the National Policy trade. So far, 17 states have prepared their export strategy. I request the balance states to kindly expedite their export strategies.”
She added that “our services trade surplus offsets our merchandise trade deficit to an extent and along with overseas remittances, keeps our current account deficit in check. While IT and IT enabled services have an overwhelming predominance in our services exports, these are largely restricted to the US and EU markets and are therefore vulnerable to any changes imposed by these two trading blocks. There is thus a need to diversify our services exports basket by enabling more sectors and to breach more markets.”
Read highlights of the foreign trade policy 2015-2020
Work: A History of How We Spend Our Time By James Suzman Bloomsbury, 464 pages Among the many assumptions the pandemic has forced us to reconsider, those about work are already changing. The work-from-home trend is redefining what it means to be em
After reports of Omicron, a new potentially contagious variant of coronavirus detected in South Africa, Belgium, Hong Kong, Britain and Israel, more European countries have reported cases, raising global concern and imposing travel restrictions. The WHO has classified it as a ‘va
The Murderer, the Monarch and the Fakir: A New Investigation of Mahatma Gandhi’s Assassination By Appu Esthose Suresh and Priyanka Kotamraju HarperCollins, 240 pages, Rs 399 The bloodied shawl has long since faded to a vague brown and now sports
In view of several countries reporting surges in Covid-19 cases and many developed nations facing fourth and fifth waves despite high numbers of vaccinations, the Ministry of Health and Family Welfare has written to the states of Nagaland, Maharashtra, Sikkim, Kerala, Goa, Manipur, Meghalaya, Mizoram, J&am
A few months after the Punjab and Maharashtra Co-Operative Bank Ltd (PMC Bank) was put under moratorium in September 2019, I met an announcer in a function on banking organised by an industry body, with which I have been associated. She was young, pretty beautiful and had a sweet voice and modulation. She
Niti Aayog’s flagship initiative, Atal Innovation Mission (AIM), recently announced to collaborate with Vigyan Prasar, an autonomous organization of the Department of Science and Technology, Government o