Government clears three export infrastructure plans under TIES
17th July, 2017Category:
The government, for the first time under a new scheme, Trade Infrastructure for Export Scheme (TIES), launched in March to address the problem, has given its approval for three proposals including one to establish an Integrated Cargo Terminal (ICT) at the Imphal International Airport. This also includes modernisation of infrastructure facility in Karnataka for marine exports – where the total cost is Rs. 13.34 crore, and construction of a new Standard Design Factory building at Cochin Special Economic Zone (SEZ) for which a total of Rs. 61.63 crore will have to be spent.
The TIES, which is being implemented from FY18 till FY20, has a budgetary allocation of Rs. 600 crore. The scheme’s annual outlay is Rs. 200 crore. The logistic cost in India is about 14% of the GDP whereas, in advanced economies like the U.S. and the European Union, it is 8% and 10% of the GDP respectively. An ASSOCHAM study conducted a few years ago shows that India runs against a disadvantage of about 11% of its trade due to deficient infrastructure.
Read More: