Central scheme being formulated to create export infrastructure

Almost all the states had sought a central scheme which supports export infrastructure

GN Bureau | January 5, 2017


#Nirmala Sitharaman   #Trade Policy   #Commerce   #Industry  


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

 

Comments

 

Other News

On a personal note: Javed Jaffrey

After his much-appreciated debut in Meri Jung in 1985, Javed Jaffrey inspired a new generation of dancers. He then turned from dance to comedy. The versatile actor constantly changes his styles and his live, film, TV and radio appearances always promise novelty and surprise. In 2014 he joined the Aam A

Allegations against CJI: Inquiry will strengthen the independence of the judiciary

Yes, we must stand rock solid with the judiciary and the judges. We must protect the independence of the judiciary too. What does this mean in the present context of a very serious charge of sexual harassment levelled by a former employee of the court against the CJI?  We are told that there is a larg

“Managing data is challenging”

The Centre for Railway Information Systems (CRIS) is a society set up by the railways ministry in July 1986 to provide IT related services to the Indian Railways. CRIS deals in a gamut of functions, like passenger ticketing, freight operations, train dispatching and control, crew management, e-procurement,

A boost to those who need it most

What are 600 million people? Almost twice the population of the US. What are 500 million people? About three-fourth of the population of Europe. Why are we talking about these numbers? Well, because as per a study by Sandhya Krishnan and Neeraj Hatekar (‘Rise of New Middle Class in India and Its

Expanding Eureka!

Abright yellow van with figures of children playing with a whirligig, a Newton’s cradle, a magnetic compass rolls into the Government Higher Primary School in Kittaganahalli, on the outskirts of Bengaluru. Students in the playground leave what they are doing and mill about it in excitement. For they

The spark in the classroom

Not many children dream of starting an idyllic school of their own when they grow up. But Ramji Raghavan, founder of the Agastya International Foundation – which fosters the creative learning of science in stude



Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter